Electric Power Export Generates $66.4m

Aug 8 , 2020

Electric power exports to Sudan and Djibouti generated 66.4 million dollars in the recently ended fiscal year. Ethiopian Electric Power intended to generate 56.2 million dollars from power exports this past year and was able to achieve 116.5pc of the plan. Out of the total revenue, 37.1 million dollars was generated from power exported to Djibouti, while the remaining was gained from exporting power to Sudan. Compared to the previous fiscal year's revenue, last year's revenue was higher by 11.5 million dollars. Ethiopian Electric Power is also currently working on the installation of power transmission lines and electric converters to start exporting power to Kenya. In addition, Ethiopia is in bilateral negotiations to export power to Somaliland, Tanzania and South Sudan.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...