CBE Inaugurates Full-fledged IFB Branch

Sep 8 , 2019

The Commercial Bank of Ethiopia (CBE) inaugurated the first full-fledged interest-free banking (IFB) branch, Billal Branch, around Bole Michael area on September 7, 2019. “I would like to assure you that the opening of this branch is a good testimony that CBE is always committed to meeting its customers’ needs,” said Bacha Gina, president of CBE. Currently, there are 11 commercial banks that have secured licenses from the central bank to operate IFB window service. Bunna International Bank, one of the later entrants to private banking, is the latest bank to secure the license. CBE earned 17.9 billion Br in gross profit and opened 157 branches during the just-ended fiscal year, pushing its total number of branches to 1,444.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...