Ethiopian Takes Off $450m Loan From Citigroup

Dec 25 , 2023


[ssba-buttons]

Ethiopian Airlines Group has received a nod from Citi Group for a 450 million dollar loan to buy five new aircraft from Boeing, with two being 777 and the other three 737 Max. Their planned delivery in December next year will increase Ethiopia's fleet to 150. Ethiopian is by far the largest airline on the continent, managing to earn north of 6.1 billion dollars in revenues in 2022/23, which was a 20pc increment from the previous year. As part of the country's sovereign wealth fund, Ethiopian Investment Holding (EIH), the airline was one of the two companies alongside Ethio telecom, which forked 80pc of the 35 billion Br profits in the first quarter of the year.


Radar

AMG Holdings Breaks Ground on Industrial Rail Link to Ethio-Djibouti Railway

AMG Holdings has launched construction on a 2.5-kilometer railway connecting its Sheger Industrial Park to the Ethio-Djibouti Railway's Endode Station. The Ethiopian-led project comprises 1.7 Kms of main track and 800 meters of side rail. Chief Project Manager Engineer Nigist Hailu said the line is expected to be completed within six months, facilitating the transport of raw materials and finished goods to Djibouti's port. More than 100 local workers have already joined the project, with addi...


Radar

Ethiopian Deposit Insurance Fund Achieves Full Q1 Collection Target

The Ethiopian Deposit Insurance Fund collected 2.08 billion Br in the first quarter of 2025. This meets 100 percent of the target and represents a 26.83 percent increase compared with the same period last year. The rise in premiums was attributed to higher deposits from member financial institutions. To date, the fund has collected a total of 15.93 billion Br in premiums from member institutions, with 14.51 billion Br coming from regular deposits and 1.42 billion Br from interest-free depo...


Radar

Oromia Bank, Ethiopian Airlines Introduce Fly Now, Pay Later via Milkii Digital App

Oromia Bank's Milkii Digital App, launched on May 3, 2025, has introduced a “Fly Now, Pay Later” service that lets customers book Ethiopian Airlines tickets using digital loans, with payments spread over six months after travel with 16.5 interest rate and allows customers to book flights upto 300,000 Br. Developed in collaboration with Ethiopian Airlines, the platform is part of a broader effort to expand digital finance and simplify access to services. The initiative seeks to enhance conven...