Ethiopian Takes Off $450m Loan From Citigroup

Dec 25 , 2023

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.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...