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.



Street vendors around the Shola area take a rest in the shades of the capital's newly planted trees. Upon reporting on its 10-month performance before parliament, the Agricultural Minister indicated that up to 43pc of the arable land in the country has been rendered acidic. This requires large amounts of limestone to be imported from abroad; the tight forex crunch has not allowed the Finance Ministry to fund the endeavour easily. Following the rallying call of the PM a staggering 6 billion seedl...



Residents of communal houses around the Weji area hang their clothes on the fences outside. Textile manufacturing accounts for 87pc of Ethiopia's products from industrial parks. Expulsion from the African Growth and Opportunity Act (AGOA) due to the war in the North resulted in Ethiopia being expelled from the preferential trade act. Most companies choosing to rent sheds within the industrial parks do so out of a desire to access the duty-free privileges provided for African countries. Ethiopia...



Vendors put traditional beauty products from the Somali regional state for sale around Mexico. In November of last year, the Ministry of Finance banned imported goods under 38 categories, including cosmetics, packed foods, and furniture, from accessing letters of credit. The move resulted in the tripling of costs for cosmetic items like lipstick and nail polish. As Ethiopia ran a 14 billion dollar merchandise trade deficit last year due to import bills hiking by 26pc , a tight clampdown on forei...