National Carrier Transports 12.5m Passengers

Oct 5 , 2019

Ethiopian Airlines has carried more than 12.5 million passengers in the just-ended fiscal year. The company, which had a hard year after the crash of its Boeing 737 Max-8 aircraft last March, earned an operating profit of 260 million dollars. The significant rise in jet fuel prices in the global market slightly influenced the profitability of the airline, according to Tewolde Gebremariam, CEO of Ethiopian. For the current fiscal year, Ethiopian Airlinea plans to expand its global comparativeness, according to the CEO. It also plans to build five airports in Debre Markos, Metu, Borena, Yabello and Mizan Aman. For the expansion projects, Ethiopian intends to invest over five billion Br during this fiscal year. Additionally, it plans to buy 20 planes.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...