FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds




Despite Aid Cut, US Backs Ethiopia's Defense

Oct 3 , 2020


[ssba-buttons]

The United States Department of Defense has handed over 2.9 million dollars worth of equipment and training to the Ethiopian National Defense Force to assist the country's efforts to defend against threats posed by al-Shabaab in Somalia and other terrorist organisations. The support arrives a month after the Trump administration announced that it has chopped close to 130 million dollars from funds appropriated to support Ethiopia's defence and counter-terrorism activities. The aid cut followed the outstanding issues Ethiopia has with Egypt and Sudan over the construction of the Grand Ethiopian Renaissance Dam (GERD). With the latest partnership to strengthen the capacity of the National Defense Force, the United States has donated troop transport vehicles, land cruisers, water trailers, operation centre computers, fuel trucks, cargo trucks, ambulances and night vision devices.


Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...