Ahadu Bank Gears Up for Service

Jan 3 , 2021


Ahadu Bank, one of the under formation banks, held its first establishment general assembly at Ghion Hotel this past Saturday. The Bank had received permission from the central bank to begin selling shares last year in February 2020, but it was postponed to May due to the Novel Coronavirus (COVID-19) pandemic. The sale of shares commenced from May until early September. Buyers were able to purchase shares by depositing 50pc of the cost and paying off the remainder within a three-month period. A single share sold for 500 Br, while a minimum of 40 shares and a ceiling of 40,000 shares were in place. The Bank has amassed 540 million Br in paid-up capital from a total of 760 million Br of subscribed shares through 10,500 shareholders. Seventeen individuals with backgrounds in banking, business and construction initiated the establishment of the Bank, including Kassahun Hailemariam, former director-general of the Federal Transport Authority. Ahadu is among around a dozen banks that are currently under formation in the country. In the coming year, the likes of ZamZam, Gadda and Amhara Banks are set to join the 17 commercial banks that are currently operating in the country.


Radar

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...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

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...


Back
WhatsApp
Telegram
Email