Private Banks' Subscribed Capital Hits 74b Br Mark

Nov 20 , 2021

The aggregate subscribed capital of private commercial banks has surpassed 74 billion Br, a 33pc increase from the previous year. According to a report released by the National Bank of Ethiopia (NBE), the capital of private and state-owned banks combined has reached 153.7 billion Br. Of this, the Commerical Bank of Ethiopia (CBE) accounts for 32pc, followed by the Development Bank of Ethiopia (DBE), whose capital saw a jump to 29.2 billion Br from 7.7 billion Br registered in the third quarter of the previous fiscal year. Among private banks, Awash Bank leads its peers with 11 billion Br in subscribed capital. Dashen and the Bank of Abyssinia follow with close to seven billion Birr each. Banks have been rushing to float shares internally and to the public following a directive issued by the central bank earlier this year, obligating them to raise their paid-up capital to five billion Birr. Only six of the 17 operational private commercial banks have met the threshold thus far, while several are yet to reach the halfway point. Addis International Bank has the lowest capital among them, with 1.3 billion Br. Debub Global and Enat banks are not far ahead.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...