FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo



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

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...

Read more >>

Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...

Read more >>

Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...

Read more >>