Investment Holdings Appoints Abdurahman Eid Tahir

Jan 28 , 2023

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.


Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...


Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...