Central Bank Approves Ethio-Re CEO Nomination

Apr 30 , 2021

The National Bank of Ethiopia (NBE) approved the appointment of Dawit Gebreamanuel on April 29, 2021, as the president of Ethiopian Reinsurance (Ethio-Re), the first reinsurance company in Ethiopia. Dawit Gebreamanuel has around three decades of experience in the insurance sector. He served as Chief Executive Officer of Nile Insurance and later served in United Insurance as deputy of finances and administration for the past six years.  According to a directive set by the NBE, senior executive officers must have at least eight years of experience in the insurance sector, of which four must be in a managerial position. Dawit is expected to join Ethio-Re in a month's time. Ethio-Re has been on the hunt for a president for almost a year now after the founding CEO, Yewondwossen Itefa, who served at the company for three years, left mid last year. Following the departure of the founding CEO, the board of directors appointed Fikru Tsegaye as acting CEO, effective September 19, 2020. Fikru served as an executive officer of strategic planning and business development at Ethio-Re before his appointment. Ethio-Re, established in 2016, netted a profit of 164.6 million Br over the last fiscal year. Recently, Ethio-Re struck a deal with Al-Huda Centre of Islamic Banking and Economics to develop a Takaful reinsurance product.



A street lamp around Addis Abeba Stadium melds into the concrete backdrop emblematic of the capital's ageing infrastructure. Over the past few years, Ethiopia's electric grid has been subject to destruction and theft, subjecting the public treasury to hundreds of millions in losses. Nearly half of the country's population does not have access to electricity. A series of projects by the World Bank has contributed to the slight but essential upgrade to the nation's grid, including a 500 million do...



A trio of donkeys drag along the main road in front of Menlik School around the Arat Kilo area. While the four-legged domestic animal is a venerated member of the Ethiopian labour force, its skin and meat are increasingly valued in the international markets. Rhong Chang, a donkey slaughterhouse operating in Assela Town, Oromia Regional State reopened its services after a seven-year break two years ago. Public outroar has often accompanied the entrance of donkey abattoirs into Ethiopia since anot...



A bustling market emerges under a bridge in the boroughs of the Bole Michael area. Addis Abeba City Administration has launched a series of aesthetic initiatives embalmed in themes of beautification and urbanisation that have removed thousands of shops built with makeshift tents. Above a quarter of Addis Abeba's labour force is engaged in the informal economy, which while often associated with connotations of illegality, remains a sizeable employer in emerging economies across the world. Calibra...