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August 13 , 2022

UN Agencies, Gov't Appeal for $73m in Refugee Funding

The United Nations World Food Programme (WFP), the UN High Commissioner for Refugees (UNHCR), and the Refugees & Returnees Service are appealing for 73 million dollars in funding to provide food to over 750,000 refugees in Ethiopia. Funding shortfalls have already forced the WFP to cut ration...

August 13 , 2022

Metal Products Manufacturer Inks Sebeta Expansion Deal

Woda Metal Industry Plc has inked a deal with the Ethiopian Investment Commission to expand its 19hct plant in Sebeta town, Oromia Regional State. The Chinese-owned company is involved in the manufacturing of steel structures such as telecom towers, high voltage cables and metal bellows. Its managers want to expand the facility in Sebeta to cover 100hct, erecting three assembly lines for electric cars, transformers and tyres. They estimate the expansion will require 95 million dollars. Close to 500 medium and large basic metal and engineering industries with a combined annual producti...

August 13 , 2022

Dire Dawa Free Trade Zone Ready for Next Steps

The Industrial Parks Development Corporation (IPDC) has announced it has finalised preparations to transform Dire Dawa Industrial Park into the country's first free trade zone (FTZ). The announcement comes a month after officials at the Ministry of Transport & Logistics chose the Park as the first of several FTZs and special economic zones the government plans to establish. Officials say they selected Dire Dawa due to its proximity to ports, market potential, and suitability for multimodal transportation and logistics operations. The Park lies on 150hct of land 445Km east of Addis Ab...


August 13 , 2022

Banking Industry Profits Near 50b Br

The banking industry netted close to 50 billion Br in profits in the last financial year, according to a report from the National Bank of Ethiopia (NBE). The report lauds "remarkable" growth in deposit mobilisation and credit disbursement. Bank assets have soared to 24 trillion Br, while deposits are up to 1.7 trillion Br. Governor Yinager Dessie (PhD) said the financial sector has continued to perform despite challenges. Among these was a four-month suspension on collateralised loans the central bank enacted in late 2021. Digital banking has also grown, with the number of mobile bank...

August 13 , 2022

South West Regional Council Approves Multi-Capital Bill

The council of the country's newest regional state has approved a bill that would see the regional administration seated in four separate towns of equal status. Bonga town will host the office of the South West Regional State's president. Tercha town will be the seat of the regional council, Mizan Aman will host the regional judiciary, and the region's national council will be seated in Tepi. Ameya and Jemu towns will also host the head offices of regional institutions and agencies. The council has approved an 11.3 billion Br regional budget for the financial year. It also nodded to t...


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August 13 , 2022

Third-Phase GERD Filling Wraps Up

The third phase of filling the Great Ethiopian Renaissance Dam (GERD) wrapped up last week. The reservoir has thus far stored 22 billion cubic metres of water, less than a third of its total capaci...

August 13 , 2022

Fed Allocates $60m to Agrochemical Procurements

Officials at the Ministry of Agriculture have set aside 60 million dollars to be used for the procurement of agrochemicals, including fertilisers, for this year's harvest season.  The sum is a fracti...

August 6 , 2022

WHO Warns of Drought-Induced Health Crisis

The World Health Organization (WHO) warns of looming acute hunger in the Horn of Africa. The agency estimates that over 37 million people in the region are experiencing one of the worst famines record...

August 6 , 2022

Ride Hailing Providers Plead for Looser Oversight

Ride-hailing companies are calling on authorities to relax restrictions on the industry by allowing them to recruit drivers of vehicles with private "Code-2" license plates. An industry lobby group...

August 6 , 2022

Fourth COVID-19 Wave Simmers Down

Concerns over a potential fourth wave of the COVID-19 pandemic ease as the number of positive cases has dropped in recent weeks. Health officials had raised the alarm in the early days of last June...

August 6 , 2022

Second July T-bill Auction Garners 14b Br Bids

The central bank's latest auction of treasury bills (T-bills) saw 14.2 billion Br in bids. The government-guaranteed bonds are auctioned off bi-monthly to financial institutions, pension funds and...

August 6 , 2022

Revenues Ministry Collects 36b Br in Back Taxes

The Ministry of Revenues reports it collected over 36 billion Br in back taxes last year. It represents slightly more than 10pc of the 337 billion Br it collected from taxes and duties in the fisca...

August 6 , 2022

Agri Corp Records $840,000 in Falling Incense Export Revenues

The state-owned Ethiopian Agricultural Businesses Corporation earned close to 840,000 dollars from the export of incense last year. A little over 500 quintals of incense was shipped to markets in E...

July 30 , 2022

Ethio telecom Execs Laud 61b Br Revenues

The state-owned Ethio telecom closed off the financial year with 61.3 billion Br in revenues. Although it is an 8.5pc jump from the previous year's performance, the telecom operator's executives, l...

July 30 , 2022

Fed Transfers 35b Br in Taxes to Regional Admins

The federal government has transferred close to 35 billion Br in revenues collected from taxes to regional administrations. The amount was determined by an income distribution formula set out for t...

July 30 , 2022

IMF Lowers Global Economic Growth Forecast

The International Monetary Fund (IMF) has lowered its global economic growth forecast to 3.2pc. The forecast comes against the backdrop of an ongoing global economical crisis due to combination of fac...

July 30 , 2022

Customs Commission Offers Reprieve for Clearing Agents

The Ethiopian Customs Commission has granted customs clearing agents a final chance to renew their permits after paying a penalty. Agents and the Commission have been at odds over a directive that...

July 30 , 2022

Ethiopian Airlines Places Landmark Airbus Order

The Ethiopian Airlines Group has ordered for A350-1000 aircraft from Airbus. The deal is an upsizing of a previous agreement between the two companies for 22 A350-900 aircraft. Sixteen of these hav...

July 30 , 2022

Kenya Inks Power Export Deal

Ethiopian Electric Power and the Kenya Power & Lighting Company Plc have signed a power purchase agreement for the sale and purchase of 200mw of energy in the first phase of a power export deal. ...

July 23 , 2022

FAO Begins Fertiliser Distribution in Tigray

The Food & Agriculture Organisation (FAO) has delivered 262tns of fertilisers to farmers in the Tigray Regional State. It is the first batch of 19,300tns secured by the agency and partners to p...

July 23 , 2022

Year's First T-bill Auction Garners 16.5b Br in Bids

The central bank's first auction of treasury bills (T-bills) in the new fiscal year saw 16.5 billion Br in bids. The government-guaranteed bonds are auctioned off bi-monthly to financial institutio...


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National Dialogue! What National Dialogue?

The call for lofty ideals such as national dialogue and consensus has been as old as Ethio...

Editorial | August 14 , 2022

Marks to Erase: Tattoo Removal Business Booms

The traditional tattoos in the shape of a cross on her chin and forehead tell a story. It...

Featured | July 9 , 2022 . By RAHEL BOGALE

Agenda: Domestic Smartphone Assemblers Dial it In

The roads leading to Megenagna were crowded and hectic as ever. Street vendors selling a f...

Agenda | August 14 , 2022 . By RUTH TAYE

Addis Abeba University Reclaims Financial, Operational Autonomy

Federal authorities approved submissions by the Addis Abeba University (AAU) administrator...

Fortune News | August 14 , 2022 . By RAHEL BOGALE