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Sep 14 , 2024

Global Climate Innovators Launch New Campaign

A global campaign featuring up to 50 diverse innovators and their tangible climate solutions across regions, industries, and communities was launched last week. Dubbed the Impact Makers, it is hoped to inspire climate action, innovation and advance solutions. From social entrepreneurs and com...

Sep 14 , 2024

AfDB Country Director Meets Finance Minister

The newly appointed African Development Bank (AfDB) Country Director for Ethiopia met with Minister of Finance Ahmed Shide last week, signing a one million dollar Grant Agreement to support communities affected by recent floods and landslides. Ahmed emphasised the crucial role the AfDB has played in supporting Ethiopia's development efforts, particularly in the infrastructure sector. He stressed the government's need for continued assistance from the Bank to advance its reform agenda. Leandre Bassole (PhD) acknowledged Ethiopia's progress and reaffirmed the AfDB's long-standing commitmen...


Sep 14 , 2024

City Gears Up for Pan African Lawyers Union Congress

Over 400 members of bar associations across Africa and representatives from regional and international organisations will convene in Addis Abeba next month for the 14th Pan African Lawyers Union (PALU) Congress. The event is expected to bring together legal professionals from across the continent, under the theme "Africa as a Global Powerhouse: Empowering Minds, Enlightening Paths." PALU is a leading African legal institution comprising over 1,200 members, including national bar associations from 55 African countries and eight regional organisations. The union enjoys observer status with...


Sep 14 , 2024

Energy Ministry Seeks to Boost Biofuel Use

The biofuel development and utilisation strategy was up for discussion between officials at the Ministry of Water & Energy and stakeholders last week. Gosaye Mengiste, energy sector advisor at the Ministry, opened the discussion by underlining Ethiopia's potential for biofuel development. He emphasised the country's focus on alternative energy sources to reduce reliance on imported fossil fuels and mitigate environmental challenges. Ethiopia has been blending five percent bioethanol with gasoline and successfully increased this blend to 10pc five years ago. Despite this progress, the...

Sep 14 , 2024

Finance Ministry Receives $10.3m for Ex-Combatant Reintegration

The national demobilisation and reintegration program has garnered nearly 10.3 million dollars from Canada. The funding is expected to aid in the demobilisation of over 371,971 ex-combatants and their successful reintegration into civilian life. A collaborative effort between Ethiopia's National Rehabilitation Commission, the United Nations Development Programme (UNDP), and multiple donors, the program aims to provide support to former combatants through entrepreneurship training, small grants, psychosocial assistance and civic education. Joshua Tabah, ambassador of Canada to Ethiopia, h...

Ethiopia Seals Currency Swap Deal with China

Ethiopia and China have agreed to use their respective currencies for bilateral trade, a move aimed at enhancing economic cooperation and addressing foreign exchange challenges. The announcement was made by Ethiopian Finance Minister Ahmed Shide following the recent Forum on China-Africa Cooperation (FOCAC) meeting in Beijing. He revealed that the central banks of both countries are finalizing the details of the currency swap agreement, similar to the one Ethiopia signed with the United Arab Emirates (UAE) in July. The agreement is expected to facilitate trade and investment between Ethi...


Takaful Gains Ground in Ethiopia's Insurance Market

A two-day international forum in Addis Abeba brought together experts from around the world to discuss the prospects and perils facing the growing interest-free banking industry in Africa. Discussions focused on the regulatory landscape of Islamic finance in Africa, investment opportunities in interest-free banking, the role of Takaful (Islamic insurance) in financial inclusion, and the impact of Islamic fintech innovations on the African market. Hassan Mohammed, state minister of Industry, highlighted the risk-sharing nature of interest-free financial instruments, which can help mitigat...

Aug 20 , 2024

Customs Commission Backtracks on Pre-Float Import Tax Calculations

Ethiopian Customs Commission has announced revised import tax regulations allowing shipments documented before the currency liberalisation will be subject to import taxes calculated based on the exchange rate prevailing at the time of documentation. However, for shipments documented after the reforms, the Commission set taxes and duties be determined using the daily indicative exchange rate set by the central bank. The announcement comes a week after Commissioner Debele Kabeta issued a directive requiring all customs branches to adjust declaration rates to the current exchange rate, even f...


Radar

Aug 20 , 2024

Securities Exchange Nears Launch with Advanced Trading Platform

Ethiopian Securities Exchange (ESX) is on track to launch its real-time trading platform in the coming months, marking a momentous milestone for the country's capital market. A climactic component...

Bloomberg-Backed Training Seeks Boosting Financial Journalism

A new financial journalism training program expected to boost the country's emerging capital markets kicked off last week. The initiative, a partnership between Bloomberg Media Initiative Africa (BMIA...

AfDB Backs Dashen Bank with $40m for Trade Finance

Executives of Dashen Bank have secured a 40 million dollar transaction guarantee facility from the African Development Bank Group (AfDB). The funding is expected to boost import and export trade for S...

Jul 28 , 2024

Ethiopia Launches Ambitious Coding Initiative

An initiative to provide fundamental digital skills in programming, Android development, data science, and artificial intelligence to the youth was launched last week. The federal government has partn...

Jul 28 , 2024

Messebo Cement Eyes Recovery After Feasibility Study

Messebo Cement, one of the largest cement producers, is poised for an operational recovery following the completion of a feasibility study by Industrial Projects Services (IPS). The factory, which res...

Jul 28 , 2024

Logistics Giant Posts 8.9b Br Profit Amidst Global Turmoil

In the face of conflicts and global uncertainties, the state-owned logistics giant Ethiopian Shipping & Logistics has ended the year with 8.89 billion Br gross profit. It has garnered 57 billion B...

Wegagen Bank Launches Digital Lending Platform

A digital lending platform for micro, small, and medium enterprises (MSMEs) was launched by Wegagen Bank last week. Dubbed Efoyta, the application is put forth in partnership with Kifiya Financial Tec...

Ethiopian Faces Suspension After Eritrea Cites Service Issues

Ethiopian Airlines has confirmed its flight suspension to Eritrea within the next two months. This follows a statement from the Eritrean Civil Aviation Authority issued last week, suspending Ethiopian...

Jul 28 , 2024

Awash Bank Posts Record Profit, Deposits Surge

Awash Bank has posted impressive financial results for the year, solidifying its position as a major player in the banking industry. With gross profit surging to 11.6 billion Br, Bank President Tsehay...

Jul 28 , 2024

Parliament Declares National Mourning for Landslide Victims in Gofa Zone

Parliament has declared a three-day national mourning period to honour the memory of hundreds who lost their lives in a catastrophic landslide in Gofa Zone, Southern Ethiopia Regional State. The tr...

Jul 21 , 2024

Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the tota...

Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and...

Jul 21 , 2024

Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 bill...

Jul 21 , 2024

Farmers Embark on New Digital Platforms

New platforms were launched to connect smallholder farmers with potential buyers and improve the distribution of agricultural inputs, ensuring efficient and transparent delivery of fertilisers, improv...

Jul 21 , 2024

Ethiopia Attracts $3.8b Foreign Investment Despite Export Setbacks

Ethiopian Investment Commission (EIC) secured a substantial increase in foreign direct investment (FDI) during the ended fiscal year, amidst declining export earnings from industrial parks. Commiss...

Jul 21 , 2024

Ethiopia, UAE Sign Currency Swap Deal

An agreement that allows the exchange of loans and interest payments between Birr and Dirham, Emirates' national currency, has been signed between the National Bank of Ethiopia (NBE) and the Central B...


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Drowning in Budget Gap, Universities Chase Autonomy. Can They Afford It?

Successive regimes share a common legacy: a deep-seated commitment to education as a vehic...

Editorial | Sep 14 , 2024

A Year of Musical Riches

The music scene has been particularly vibrant this year, with a diverse range of albums co...

Featured | Sep 9 , 2024 . By AKSAH ITALO

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Atkilt Tera, located in the Haile Garment neighbourhood, has not seen its usual activity....

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The stalls of Atkilt Tera market in Addis Abeba were uncharacteristically empty. Onions, a...

Fortune News | Sep 14 , 2024 . By AKSAH ITALO

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