FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo


May 31 , 2025

Council of Ministers Approves Key Economic and Legislative Measures

The Council of Ministers has approved the 2018–2022 Medium-Term Macroeconomic and Fiscal Framework, which will guide next year's budget, focusing on strategic revenue generation and resource allocation. Two international financing agreements were also endorsed: a 49.55 million dollar loan from...

Jun 1 , 2025

Milkii App Disburses 25 Million Br in Collateral-Free Loans in Two Months

Oromia Bank's new collateral-free digital lending app, Milkii, has disbursed 25 million Br in loans without requiring collateral. Of this, 16 million Br has already been repaid, generating 1.4 million Br in revenue within just two months. Developed in partnership with Quantum Technology PLC, the app plans to make lending more accessible and inclusive, aligning with Oromia Bank's contribution to the Digital Ethiopia initiative. According to a press release, Milkii promotes financial inclusion and empowers citizens through innovative digital lending solutions. The service offers five se...


May 31 , 2025

Ethiopia Partners with UK to Ease Shipping Bottlenecks

The Ethiopian Freight Forwarders & Shipping Agents Association (EFFSAA) and the British International Freight Association (BIFA) signed a memorandum of understanding (MoU) on May 27, 2025, at Hilton Hotel Addis Abeba, to address skills gaps, customs delays, and corridor inefficiencies in the freight and logistics sector. The partnership focuses on technical cooperation, training, and regulatory reform. With over 90pc of trade dependent on the Djibouti corridor, rising congestion, customs delays, and poor road infrastructure have inflated transport costs and disrupted supply chains. EFFS...


May 31 , 2025

Education Authority Sanctions Mishqen College for Rule Violations

The Education & Training Authority has issued a decisive directive last week, mandating legal action against Mishqen College for persistently defying regulatory orders and unlawfully continuing to offer higher education services. Mishqen College had previously been licensed to conduct undergraduate distance learning programs across multiple regions from 2019 to 2022. However, after serious regulatory breaches, the institution was ordered to cease all instruction, complete pending academic commitments, transfer graduate records to an accredited body, and report its compliance. The colleg...

CBE Hits Deposits Record

The Commercial Bank of Ethiopia (CBE) achieved a record 303 billion Br in deposits in the first seven months of the budget year—the largest deposit amount in the Bank's history. Total deposits now sit at over 1.4 trillion Br. The CBE attained 147.6pc of forecasts and now accounts for 58.3pc of the sector's total. The total amount of loans provided by the Bank has reached over 1.3 trillion Br, with 88pc of the 153.32 billion Br in loans disbursed by the mid-budget year going to the private sector. Also, 58.5 billion Br of the total loans were provided through CBE's Sharia-compliant service...

Feb 10 , 2025

Revenue Bureau Cracks Down on Alleged Tax Evaders

Addis Abeba Revenue Bureau introduced a debt tracking system that would trace tax evaders. As a result, five vehicles were seized and sold to recover tax debts, generating 10.9 million Br. Currently, 13 additional vehicles and one residential property are in the process of being auctioned. In collaboration with the Financial Intelligence Service (FIS), the Bureau has been tracking taxpayers who try to escape the tax net. The Bureau has also announced that the deadline for submitting requests for QR code-bearing invoices has been extended for 30 days. It was revealed that 88,717 tax pa...


Feb 10 , 2025

Capital Market Authority Demands Share Data from Public Companies

The Ethiopian Capital Market Authority (ECMA) issued a public notice last week, requiring all publicly held companies with more than 50 shareholders to submit detailed information about their existing shares. This order, which is in line with last year's Public Offer & Trading of Securities Directive, aims to facilitate the integration of existing securities into the regulated capital market system. The deadline for submission is March 10, 2025. Required information includes the total number of shares, a list of all shareholders with their contact information and shareholdings, the valu...

Feb 2 , 2025

New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of the bureau's office, the new audit quality assurance unit will seek to address gaps and malpractices that previously existed due to the absence of a similar body to verify tax audit decisions. He asserts that the unit's main goal is to re-audit decisions, verify their quality and relevance, and correct any inappropriate audit decisions. The unit will re-audit decisions made from July 2024 onwards. A...


Radar

Feb 2 , 2025

Shipping Behemoth Beats Profit Target Despite Cargo Dip

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling ...

Feb 2 , 2025

Customs Hits Revenue Target, Cracks Down on Smuggling

The Ethiopian Customs Commission announced that it has exceeded its revenue collection target for the first six months of the fiscal year. The Commission collected 203.75 billion Br, surpassing the pl...

Feb 2 , 2025

Italy Boosts Ethiopian Tech Innovation

A 4.69-million-dollar (4.5 million Euro) grant to establish an incubation centre for high-technology innovation enterprises has been availed by the Italian government. Minister of Finance, Ahmed Shide...

Feb 2 , 2025

President Taye Aspires for Lofty Universal Electricity by 2028

The government has set an aggressive goal to achieve universal electricity access by 2028, which requires electrifying 3.4 million households annually. The Mission 300 Africa Energy Summit in Dar es S...

Feb 2 , 2025

Electric Utility Progresses with Rehabilitation Ambitions

The Ethiopian Electric Utility's project to upgrade the power distribution infrastructure in Addis Abeba and its surrounding areas within a 50km radius is 88pc completed. It includes replacing old woo...

Jan 25 , 2025

Railway Corp Launches Online Booking, Mandates Fayda ID for Travel

Ethio Djibouti Railway (EDR) SC announced the online booking platform starting in February for public passenger transport services. The EDR also announced that all travel bookings are mandated to prov...

Jan 25 , 2025

Ethiopost Embraces Space Technology to Revolutionize Mail Delivery

Ethiopost, the national postal service, signed a Memorandum of Understanding (MoU) with the Ethiopian Space Science & Geospatial Institute (SSGI) to modernize its delivery services, aiming to inte...

Jan 25 , 2025

Land Allocation Surpasses Target, Parliament Urges Timely Project Completion

The Ministry of Urban & Infrastructure provided over 11,000hct of land through allocation and bidding in regional and city administrations, surpassing the planned 7,000hct, according to the Minist...

Jan 25 , 2025

Ethiopia, Tanzania Power Deal Signed, Kenya to Transmit

A power sales agreement has been inked for 100 megawatts of electricity by Ethiopia to Tanzania, after a three-way negotiation between Ethiopian Electric Power (EEP), the Tanzania Electric Supply Comp...

Jan 25 , 2025

Ministry Reports Fuel Market Clean-up, Cement Prices Halved

The Ministry of Trade & Regional Integration reported that 325,000 litres of fuel were removed from the market following government action to address issues in fuel distribution and marketing, inc...

Jan 19 , 2025

Yirgalem Hospital Inaugurates New Oxygen Production Plant

A new oxygen production plant has been inaugurated at Yirgalem Hospital Medical College in Sidama Regional State. The launch was attended by the regional state's chief administrator Desta Ledamo and H...

Jan 19 , 2025

Corridor Develops with Parking, Recklessness Concerns, Research Finds

Research involving 400 respondents across four first-round corridor development routes revealed major challenges to the initiative. The study, conducted by Shaka Analytics and ETC Institute in coll...

Jan 19 , 2025

Digitalisation Spreads to the Court System

Ethio telecom and the Amhara Regional State Supreme Court have agreed to implement a Smart Court project in Bahir Dar to modernize court operations using digital technology. This agreement includes bu...

Jan 19 , 2025

Awash Insurance Taps M-PESA for Digital Payment Solutions

Safaricom M-PESA has entered a strategic partnership with Awash Insurance to integrate its services into the M-PESA payment platform. This collaboration would present customers with secure, efficient...

Jan 19 , 2025

Convergence Initiative Seeks to Integrate Climate Action into Food Systems

Authorities are pursuing the integration of climate action into food systems and nutrition strategies through a national workshop held last week at Skylight Hotel on Africa Ave. The workshop gathered...

Jan 19 , 2025

Parliament Enacts Sweeping Property Tax, Dividing Lawmakers Over Fairness, Economic Impact

Federal legislators passed a landmark property tax law last week, granting regional states and municipal authorities new powers to levy taxes on land-use rights and housing. The bill, with four votes...


Most read

Columns

Commentaries | May 31,2025

Productivity Gains Depend on Bold Firms, Not Broad Reform

Life Matters | May 31,2025

The Dangers We Brew

My Opinion | May 31,2025

Addis Abeba's Urban Facelift Paves Over Its Informal Soul

Sunday with Eden | May 31,2025

A Dream Taxed to Death

Agenda | May 31,2025

Elite Schools Raise Fees Sharply as Parents Cry Foul Over Legal Wrangling

Editorial | May 31,2025

Courting Foreign Buyers of Properties While Land Remains State-Owned


         ADVERTISEMENT

Read More

Courting Foreign Buyers of Properties While Land Remains State-Owned

It is seldom flattering to be bracketed with North Korea and Myanmar. Ironically, Ethiopia...

Editorial | May 31 , 2025

E-Commerce May Never Be the Same Again

Zemen Gebeya, the digital marketplace that Ethio telecom switched on only two weeks ago, i...

Featured | May 24 , 2025 . By YITBAREK GETACHEW

Elite Schools Raise Fees Sharply as Parents Cry Foul Over Legal Wrangling

Parents at Flipper International School received a jolt on May 26, 2025, when a letter con...

Agenda | May 31 , 2025 . By RUTH BERHANU

Real Estate Developers Build a Lobby as Rules Tighten

Real-estate developers have formed a new lobbying group, the Ethiopian Real Estate Develop...

Fortune News | May 31 , 2025 . By BEZAWIT HULUAGER