A Bank Initiative Resumes Share Sales after Two-Year Hiatus


A Bank Initiative Resumes Share Sales after Two-Year Hiatus

Geez Bank, a private commercial bank under formation, has resumed share sales after a two-year interruption caused by the northern conflict. Initially, the Bank aimed to complete its share sales by July 2021, but the escalating tensions and uncertainties in the country forced a halt to its efforts. Thomas Haile, a member of the bank's founding committee, confirmed that they have now secured a permit from the central bank, allowing them to continue their bid to raise equity from the public. The announcement comes as a positive development, as businesses and investors look to rebuild and strengthen the economy after the turmoil caused by the war. During a press conference held at Geez Bank's office, at Wegagen Bank's headquarters, the founding committee revealed ambitious plans to raise half a billion Birr in paid-up capital within the next month. If successful, this move is expected to solidify the Bank's position in providing a strong foundation for its future growth.


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Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


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Abyssinia Group Eyes Expansion with IFC Funding

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Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


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