Amhara Bank Raises 6.4b Br Capital

Nov 7 , 2020

The under formation Amhara Bank S.C. has announced that it has sold 6.4 billion Br worth of subscribed shares, of which 4.8 billion Br has been paid. The shares were sold to over 155,000 shareholders. With a par value of 1,000 Br, the minimum and maximum shares a single shareholder can buy are limited to 10 and 100,000, respectively. Melaku Fenta, former head of the then Ethiopian Customs & Revenues Authority and the chairperson of the new Bank's promoters, has stated that the Bank will continue to sell shares up until the end of November. The under formation Bank is selling shares through Amhara Savings & Credit Association and 10 other banks. Currently, more than a dozen under formation banks are selling shares including Jano Bank, Goh Betoch, Ahadu, Sheger, Hijira, Zad, Kush and Huda banks. Last month, ZamZam bank, the pioneer in full-fledged, interest-free banking, secured its operating license from the National Bank of Ethiopia and registered 870 million Br and 1.8 billion Br in paid-up and subscribed capital, respectively, raised from 11,200 shareholders.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...