Fed Lifts Chinese Assembled Volkswagen Embargo


The ban on the import of electric Volkswagen (ID Series) cars assembled in China has been lifted. It was initially imposed after the Ministry of Transport & Logistics received a letter from the German automobile manufacturer headquartered in Wolfsburg following concerns with the battery's suitability for Ethiopia's weather. However, officials disclosed that a recent study conducted by Adama Science & Technology University contradicts the claims, revealing that the battery has no significant issues. The chain-assembled electric Volkswagen, known for its environmentally friendly features, is equipped with a battery designed to withstand temperatures up to 40 degrees Celsius. The number of vehicles in the capital has surpassed 714,000, with an estimated urban population of five million. The introduction of electric vehicles aligns with global efforts to reduce carbon emissions and promote sustainable transportation.


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Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay VAT a...


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World Bank Greases Financial Overhaul

The World Bank approved 700 million dollars in credit from the International Development Association (IDA) to scale up support for the financial sector. The funds are targeted at modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), supporting governance reforms, balance sheet restructuring, and recapitalization of the Commercial Bank of Ethiopia (CBE), and transforming the Development Bank of Ethiopia (DBE) into a sustainable development finance institutio...


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Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde Bulto,...