Lion Insurance Joins Exchange Investment Pool

Apr 1 , 2024

Lion Insurance Company S.C. has joined the growing roster of investors in the Ethiopian Securities Exchange (ESX), marking a pivotal shift for the insurance industry. The company signed a deal to acquire a 10 million Br stake in the ESX, following in the footsteps of Zemen and Hibret Insurance who invested 20 million Br and 30 million Br respectively. The signing ceremony saw Abraham Mersha, CEO of Lion andTilahun Kassahun, CEO of ESX. This investment by Lion Insurance demonstrates the confidence of the insurance industry in the future of the ESX. It is a crucial step towards finalising ESX's capital raise, marking a significant moment for Ethiopia's capital market launch.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...