Ethio Telecom Upgrades Internet Service

Feb 8 , 2020


Ethio telecom, the state telecom monopoly, has launched 4G LTE, an advanced fourth-generation network in the capital that delivers higher data connection speeds. The company invested 173 million Br to upgrade the network by hiring Huawei, a Chinese telecommunications and ICT solution provider for the project. Ethio telecom and Huawei signed an agreement last month to upgrade the network, which was completed within 10 days. The 4G LTE network is three times faster than the existing 4G and 14 times faster than 3G networks. "We'll launch the service in the regional states soon," said Frehiwot Tamiru, Ethio telecom's CEO. "After we made a tariff adjustment, the demand for internet increased by 169pc." The company introduced a 40pc tariff cut on local mobile calls and a 43pc price reduction on texts and mobile data services. The tariff cut also included a 54pc slashing of broadband internet service prices.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email