Investment Holdings Appoints Abdurahman Eid Tahir

Jan 28 , 2023


[ssba-buttons]

Abdurahman Eid Tahir has been appointed as the Chief Executive Officer of Ethiopian Investment Holdings (EIH), a state-owned investment company, effective on January 25, 2023. The appointment comes days after Prime Minister Abiy Ahmed assigned the former CEO Mamo Mihretu as governor of the National Bank of Ethiopia (NBE). Abdurahman served as deputy before his appointment, in which Mamo described him as a "passionate reformer". He also served as head of Irrigation & Basin Development of the Somali Regional State. EIH was established last year by a decree of the Council of Ministers with 100 billion Br capital, encompassing nearly thirty state-owned enterprises such as Ethiopian Airlines and Ethiotelecom under its fleet. Its subsidiaries are found in multiple sectors with more than 250,000 employees. The holding has attracted sizable investment by establishing a co-investment platform in partnership with global investors. In addition, EIH has been mandated with seeing through the formation and establishment of the capital market, a responsibility regulators had previously shouldered at the central bank. The investment holding, under Abdurahman, is now tasked to improve the portfolios of state-owned enterprises whose assets are worth two trillion Birr and annual revenues of 6.2 billion dollars. EIH is mandated to take on international investment ventures in which dividends from enterprises under it are exempt from taxes and duties, excluding sub-funds and companies invested by the company.


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...