Open Society Invests $10m in Ethiopia

Oct 19 , 2019

The Open Society Foundation is investing 10 million dollars to assist Cepheus, a private equity fund manager, in its effort to raise 100 million dollars for its Ethiopian investment fund. Soros, an investing arm of the Foundation, will facilitate the implementation of the investment, which aims to provide capital for private businesses. The fund focuses on creating quality jobs for young people and women in Ethiopia. The investment also aims to support the government’s effort to reduce poverty in the less developed areas of the country. The Open Society Foundation, founded by George Soros, is one of the largest philanthropic organisations in the world. In December 2018, Patrick Gaspard, president of the Open Society Foundation, met Ethiopia’s Prime Minister Abiy Ahmed (PhD) and extended an offer to support the government's democratisation objectives, primarily in the areas of justice sector reform and strengthening institutions.


Pivots in Business Maze

A set of projects spearheaded as part of ease of doing business reform with a 7.2 million euro finance from the European Union (EU) is set to improve and navigate the lingering concerns in Ethiopia's business landscape. E-governance projects are undertaken by GIZ International Services and Mckinsey & Company in cooperation with five federal agencies, including the Justice, Trade,  Innovation, Revenues ministries and National Bank of Ethiopia (NBE) are part of the wider plan to improve the d...


Dashen Bank Board Reinstates its Chair

Dashen Bank re-appoints Dula Mekonnen as its Board Chairman, extending his tenure for another three years. The decision was made during a board of directors meeting held at the Sheraton Addis Hotel last week. Dula holds a first degree in electrical engineering from the Adama Science & Technology University and a graduate degree in business management. With a diverse leadership background spanning three decades, Dula has served as a manager at Ethio-Leather Industry Plc and managed Wenji S...


Digital Fuel Transactions Soar Amid Subsidy Drop

Nationwide digital fuel transactions have exceeded the 155.4 billion Br mark, as the Ethiopian Petroleum & Energy Authority released a half-year report last week. Consistent reductions in fuel subsidies have led to the fuel price stabilisation fund hitting an all-time low of 117.4 billion Br, a decrease of 79.6 billion compared to the previous year. The report highlights the successful monitoring of subsidies across the country's 1,589 fuel stations, benefiting nearly 200,000 transporters...