Blinken Puts Ethiopia on Notice for Reinstatement to AGOA


Blinken Puts Ethiopia on Notice for Reinstatement to AGOA

US Secretary of State Antony Blinken underscored the need for Ethiopia's leaders to meet clear benchmarks in order to be reinstated to AGOA and expressed his concerns that the exit of external forces from the Tigray Regional State remains incomplete. Blinken visited Ethiopia last week, bearing a 331 million-dollar humanitarian aid package, in light of the devastating impact of the war. The United States is the single largest humanitarian aid provider to Ethiopia providing north of 1.8 billion dollars since 2022. The concession of Human rights violations by both the federal government and TPLF was heralded by the secretary as a promising development. He said that the final decision will be an interdepartmental ruling by several government bodies in the US. The Secretary held a series of meetings with Prime Minister Abiy Ahmed and his deputy Demeke Mekonnen, Moussa Faki Mahamat, chairperson of the AUC, Workeneh Gebeyehu, executive secretary of IGAD and senior members of the TPLF. He stated that the US Government will be closely monitoring Ethiopia's progress in achieving transitional justice, indicating that this will be a key factor in determining the country's future relationship with the US. The US Government's close attention to Ethiopia's situation signals a heightened interest in the region and underscores the need for continued international attention to the ongoing challenges facing the country


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Ethiopian Airlines Fined $425,000 for Non-compliance

The United States Department of Transportation (DOT) has imposed significant fines on Ethiopian Airlines and Etihad Airways, totaling 425,000 dollars and 400,000 dollars, respectively. Ethiopian Airlines operated flights under United Airlines' code, while Etihad Airways used JetBlue's code in regions where U.S. flights were prohibited. An investigation by the Department's Office of Aviation Consumer Protection (OACP) uncovered that from February 2020 to December 2022, Ethiopian Airlines conduct...


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Enat Holds Steady as Revenue, Expense Soar

Enat Bank held its 11th Annual General Meeting of Shareholders last week at the Millennium Hall on Africa Avenue, where it announced a profit after tax of 555.2 million Br, exhibiting an incremental 2pc growth from the previous year. The Bank registered stronger growth with a 29pc increase in revenue, reaching 4.3 billion Br. The bank's focus on strategic branch expansion and enhancements to digital banking resulted in a 18.4pc deposit growth, bringing total deposits to 21 billion Br. Preside...


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Addis Surges, Minimum Threshold Out of Reach

Addis International Bank reported an 85pc growth in net profit to come in at 413.87 million Br. The bank's total assets as of the 2023/2024 fiscal year were 15.4 billion Br, representing a 22.2pc rise of 2.8 billion Br over the previous year. The Bank also posted a substantial 13.8pc rise in paid-up capital from the previous year to sit at 2.1 billion Br. It was noted at the general assembly that “the Bank is far away to reach the required minimum capital after two years.” Addis Internation...