Israel Backs Locust Fight in Ethiopia

Nov 14 , 2020

The government of Israel has donated 27 drones to support Ethiopia in the ongoing fight against desert locust swarms. Alongside the donation of drones, an Israeli locust fighting task force arrived in Ethiopia last week to assist in combating the worst locust invasion the country has seen in 25 years. Members of the task force, which will remain in the country for two weeks, are expected to join forces with their Ethiopian counterparts at the Ministry of Agriculture to tackle the invasion. During their stay, the task force will proffer training to 200 Ethiopian experts. The team has already headed to the Somali Regional State to give on-site training. Before heading to the field, the task force presented its mission programmes and methods to Minister of Agriculture Oumer Hussien. In addition to the drones, the task force has donated two generators to the Ministry.


Ethiopia's Central Bank Dips a Toe in the Open Market Waters

In a historic move to manage liquidity within the banking system, the National Bank of Ethiopia (NBE) held its first-ever open market operation (OMO) on July 11, 2024. The auction drew notable interest from the financial sector, with 16 bidders submitting nearly 20 billion Br. The central bank accepted the total amount of bids, reflecting the banking industry's robust engagement with this new monetary policy tool. The NBE's foray into OMOs is seen as a strategic measure to control the mone...


CBE Shatters Profit Record at 25.6B BR

The state-owned Commercial Bank of Ethiopia (CBE) registered a record-breaking 25.6 billion Br in gross profits for the ended fiscal year, driven by aggressive cost-cutting measures. While CBE faced a challenge earlier in the year with a system glitch, the bank has demonstrably grown its customer base, now exceeding 45 million people. Its total deposits surpassed the trillion birr mark, reflecting a major increase of 170 billion Br. The Bank's revenue also grew by 13pc, reaching 135.4 billion...


Ethio telecom Dominates Industry with Expanding Profits, Coverage

The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since the entrance of Safaricom Ethiopia three years ago, its annual revenues have taken a leap with the competition. The centenarian operator increased its customer base by 8.9pc to reach 78.3 million, with an 85.4pc geographical coverage. Its nearly three-year-old mobile money service, Telebirr, is use...