Ethiopia Gets Local Angel Investors

Sep 27 , 2020


Addis Abeba Angels Network, the first local angel investors group, has entered the scene to invest in high-risk ventures to build an ecosystem of start-ups. The Network is founded by Shem Asfaw, an investor operating in Canada, Ethiopia and Kenya; Addis Alemayehou, chairperson of  Kazana Group; and Henok Assefa, founder of Precise Consult. Adam Abate, CEO of Paga Ethiopia, Joseph Kibur, founder and CEO of Yaya Investments, and Levi Girma, cofounder at Nest Ventures, are also members. The new angel investors have completed the first investment in Across Express, a tech start-up that aspires to change the transport and logistics sector using technology. The company provides delivery services through designated drivers. It also plans to modernise the freight booking and fulfilment procedures for mid and long-distance trucks.


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