Egyptian Bank Eyes Ethiopia

Jul 6 , 2019

Egypt’s Commercial International Bank (CIB) plans to open a representative office in Ethiopia at the end of this month. Though the country does not yet grant licenses to foreign financial institutions, CIB is opening a branch office in Addis Abeba. “We believe the government is working to change these laws soon enough, and foreign banks will be allowed to operate with greenfield licenses or through the acquisition of local banks,” said the Bank’s chief operating officer, Mohamed Sultan. The Bank has been eyeing potential African markets for the past two years and is also considering opening an office in Kenya. It has a network of 41 correspondent banks, including financial institutions, in Africa.



Addis Abeba strives to be a city of distinction with a glamorous look. But lately, most parts of the city are overwhelmed by informal street vendors. Underneath the bridge around La Gare, commonly known as Lagahar, a street vendor sells pieces of watermelon from a mobile pushcart. Watermelon is a flowering plant species with more than 1,000 varieties worldwide. It lowers high blood pressure and cholesterol levels when taken regularly. Ethiopia exported 483tns of watermelon to Djibouti in 2018, w...



Since its establishment during the reign of Emperor Haile Selassie, Meskel Square, on the interseciotn of Africa, Ras Mekonen and Jomo Kenyatta avenues, has been one of the landmarks of Addis Abeba. Having been the site for public gatherings, rallies and festivities like (Meskel celebration), the Square laid out a somewhat classy atmosphere to the city and has become a recreational centre with a mesmerizing look. Following the Beautifying Sheger Initiative, the refurbishment of the Square was in...



Addis Abeba's Stadium neighbourhood has been home to driving and cycling trainees for decades. Homeless children favour the location for its open spaces and high traffic. They ride rented bikes around on a school day. Pangs of hunger are numbed out by riding in circles on top of colourful bikes for the children. They were escaping vicious cycles of poverty on top of bicycles, if only for minutes...