Amhara Bank Leads Charge in Exchange Investment


Amhara Bank Leads Charge in Exchange Investment

Amhara Bank has emerged as a major player in the development of the stock exchange, acquiring a significant stake worth 90.6 million Br. This investment marks the largest holding among commercial banks, surpassing Awash Bank's 70 million Br. Chanyalew Demisse, Amhara Bank's interim president inked the agreement last week with Tilahun Kassahun, CEO of ESX, joining Zemen, Siinqee, Global Ethiopia, Awash, and Hibret banks. The government established the ESX to raise a total of 625 million Br from the private sector. The ESX has secured a substantial portion of its target funding with 275 million Br sourced from four state-owned enterprises under Ethiopia's Investment Holdings and FSD Africa. It is expected to launch next year and is positioned to play a transformative role in Ethiopia's economy.

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New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...


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City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...


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Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...