Hibret Bank Joins Investors in Stock Exchange

Mar 16 , 2024


Hibret Bank has emerged as the fifth financial institution to have an equity investment in the Ethiopian Securities Exchange (ESX), with 50 million Br. Signed by Melaku Kebede, the president of the Bank, and Tilahun Kassahun of the Exchange, the deal made at the Bank's headquarters on Ras Abebe Aregay St marks Hibret as a significant stakeholder in the Exchange, with a notable five percent ownership. "It’ll strengthen financial institutions," said Melaku. This development follows in the footsteps of previous acquisitions by prominent institutions such as Zemen, Siinqee, Global Ethiopia and Awash banks, all of which have contributed to substantial stakes held by the private sector in preparation for the Exchange's launch next year. Awash, in particular, stands out for its significant stake acquisition of 70 million Br. The Exchange aims to raise a total of 625 million Br from the private sector, encompassing banks, insurance companies, and microfinance entities. It has already secured a substantial portion of its funding, with 275 million Br sourced from four state-owned enterprises under Ethiopia’s Investment Holdings and FSD Africa.


Radar

Ministry Ponders Tax Waivers for Rural Energy Solutions

Tax exemptions for off-grid energy technologies like solar pumps and mini-grids are under discussion, spearheaded by the Ministry of Water & Energy. Commonly used by rural households, officials disclose their simultaneous plan to develop 300 mini-grids in the next six years. According to Birhanu Weldu, the lead executive of rural energy technology development, the initiative tackles the country's low electrification rate and reliance on charcoal and firewood. Charcoal, fuel wood, and...


Radar

Rural Land Proclamation Comes to Light

A landmark legislation that grants title holders in rural areas the right to use the property as collateral was unanimously ratified by Parliament last week. It primarily focuses on extending access to finance for farmers and pastoralists, through a structured land title system. It also introduces criminal penalties for the illegal transfer of property. Replacing the 18-year-old proclamation for rural land management, the law sentences individuals engaging in land invasions and unauthoris...


Radar

Ethiopian Unveils $50m Domestic Terminal Renovation

With a rising demand for domestic travel, Ethiopian Airlines has renovated its terminal at Addis Abeba Bole International Airport with 50 million dollars to handle customers. The expanded terminal has doubled its previous size to 25,750Sqm and accommodates 200 daily flights to and from 22 domestic destinations. It includes four contact gates, 10 remote departure gates, 22 check-in counters with automated baggage screening systems, shops and restaurants. The terminal also features a dedica...


Back
WhatsApp
Telegram
Email