Banking Industry Allows Diaspora Investors

Aug 3 , 2019

Lawmakers legislated a proclamation that allows Ethiopian natives of foreign nationalities to invest in the banking sector. The bill was legislated last week during the emergency parliamentary session that was called after members of parliament went on recess. Beyond buying shares in banks, the new law will enable the Ethiopian diaspora to form new banks, including full-fledged interest-free banks. Two years ago, the central bank ordered all private banks and insurers to return the share certificates of foreign shareholders and auction off the shares for public subscription. The Central Bank also stated that the amount of money offered above par value has to go to the national treasury. Since then, all of the banks and insurance companies have auctioned off the shares owned by Ethiopian-born diaspora.


High-Level Event Aims to Address Humanitarian Crisis

Development partners and government officials are expected to discuss improved humanitarian responses at a crucial event in Geneva, Switzerland this week. Co-hosted by the Ethiopian government and the UN Office for the Coordination of Humanitarian Affairs (OCHA), the primary goal is to secure pledges from both development partners and the government, according to officials. Millions face hardship due to conflicts, economic downturns, climate shocks, and disease outbreaks, according to a UN st...


Mastercard Announces Up to $2.5m Grants for Agribusinesses

Small and medium enterprises (SMEs) in the agricultural sector are poised for financial support as the Mastercard Foundation Fund pledges to award grants over the next three years. The Agribusiness Challenge Fund will award grants ranging from half a million dollars to 2.5 million dollars to qualifying businesses in Ethiopia and 19 other countries. According to Smita Sanghrajika, an engagement partner at the Foundation, agribusinesses have lacked the financial resources needed to scale up and...


Document Authentication Service Gets Fee Revamp

The Council of Ministers approved a new regulation for the Federal Document Authentication & Registration Service last week which introduces a two-tier fee structure for citizens and foreigners, with an overall increase. Beginning at 100 Br for citizens seeking document authentication for an assigning agency of single documents, the ceiling goes up to 500 Br while foreigners pay double these rates. Implementation of the new fees began this week. These changes come alongside a digitisat...