Political Instability Costs Ethiopia $300m

Nov 16 , 2019


The security situation in the country has caused the loss of 300 million dollars in foreign direct investment (FDI), according to the Ethiopian Investment Commission. Out of the one billion dollars the commission had targeted for the first quarter of this fiscal year, it only achieved 70pc. “Some investors who have already completed the preparatory procedures to implement the planned investment projects refrained from taking the next steps due to the worsening security situation in different parts of the country,” said Hanna Araya-Selassie, the vice commissioner. Despite this, it was possible to create 25,000 new employment opportunities in the first quarter alone. The expansion of industrial parks, the development of appropriate policy frameworks and their effective implementation are crucial factors to attract foreign investment into the country, said Hanna. The Commission plans to bring 4.1 billion dollars in FDI into the economy in the current fiscal year.


Radar

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...


Radar

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...


Radar

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...


Back
WhatsApp
Telegram
Email