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.



A booming plastic container market around the Saris area bustles with shoppers inspecting the selections. Water supply shortages have plagued the capital as an expanding population size's demand is unmet by the drops moving through the pipes. The Addis Abeba Water & Sewage Authority relies heavily on underground wells and surface water from the Legedadi, Dire and Gefersa dams. With the Authority digging 28 wells to meet the demand shortage, several parts receive water through the taps three...



A telephone pole gently rests aside DebreZeit road, tucked into the city's ageing infrastructure. Ethiopia's infrastructure has been under rising assault by robbers who mimic maintenance workers appointed by the state. The ones pared from theft are constantly a victim of subdued synergy between government bureaus. The International Journal of Scientific & Technology Research published a study in 2020 indicating that lack of coordination between agencies was a significant factor in delays, co...



Traditional holiday hymns are sung by a group of men dressed in cultural outfits with decorations made from a horse's mane around the Bole area. The early weeks of September bring with them a panoply of festivities. A soft holiday spirit glistens the streets of Addis Abeba, while roaring hordes of shoppers grappling with inflation rates near 30pc do not grace marketplaces like they used to. The tight clampdown on access to foreign currency by the Ministry of Finance which banned the import of 3...