Ethiopia, South Korea Ink $93m Loan Deal

Apr 4 , 2020


Ethiopia has signed two loan agreements with the Export-Import Bank of Korea to borrow 93 million dollars. The loan will be dedicated to the establishment of the Addis Abeba Bus Rapid Transit and Land Information Management System projects. Admasu Nebebe, state minister for Finance, and Shin Deog-Young, senior executive at the Bank, signed the agreement on April 1, 2020. The first loan, which amounts to 63 million dollars, is committed to improving the mobility and accessibility of commuters using public transportation, reducing the social cost incurred by traffic congestion and accidents, and improving the health of the atmosphere. The project is expected to be completed within five years. The second loan, worth 30 million dollars, is dedicated to decreasing social conflicts by constructing and managing accurate land information, improving tax collection based on exact data of land ownership, and improving land administration services for the five largest cities in the country. The project is planned to be completed within six years.


Radar

Amendment Expands Access for Foreign Traders

Foreign participation in Ethiopia's wholesale, retail, import, and export trade sectors has come under renewed focus as the Ethiopian Investment Board(EIB) approved a significant amendment to Directive No. 1001/2016  in its meeting on May 23, 2025. The amendment, proposed by the Ethiopian Investment Commission(EIC), focuses on refining the legal framework governing foreign investment in these sectors. The decision is part of a broader strategy to enhance the country's appeal as an investment...


Radar

NBE Sets Four Percent Ceiling on Foreign Exchange Fees

The National Bank of Ethiopia (NBE) issued a new foreign exchange market directive on May 20, 2025, that caps commercial banks' forex service fees at a maximum of four percent. Banks are instructed to adapt competitive, transparent, and streamlined pricing for all forex-related services. Effective May 26, 2025, total charges for purchasing foreign exchange whether for imports, service payments, or cash note purchases must not exceed the newly set limit. The directive also prohibits banks f...


Radar

SantimPay Launches Zero-fee Digital Remittance Platform

SantimPay has rolled out FrankRemit, first fully integrated, zero-fee digital remittance platform, in partnership with Bank of Abyssinia(BOA). The service smoothly connects all commercial banks and major mobile money providers, including Telebirr, M-Pesa, and CBE Birr which is a first of its kind in the country. FrankRemit is expected to revolutionise how the Ethiopian diaspora sends money home. Developed locally and tested over the past two weeks with successful transfers from multiple count...