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Apr 15 , 2024

High-Level Event Aims to Address Humanitarian Crisis

Development partners and government officials are expected to discuss improved humanitarian responses at a crucial event in Geneva, Switzerland this week. Co-hosted by the Ethiopian government and the UN Office for the Coordination of Humanitarian Affairs (OCHA), the primary goal is to secure pledge...

Apr 15 , 2024

Mastercard Announces Up to $2.5m Grants for Agribusinesses

Small and medium enterprises (SMEs) in the agricultural sector are poised for financial support as the Mastercard Foundation Fund pledges to award grants over the next three years. The Agribusiness Challenge Fund will award grants ranging from half a million dollars to 2.5 million dollars to qualifying businesses in Ethiopia and 19 other countries. According to Smita Sanghrajika, an engagement partner at the Foundation, agribusinesses have lacked the financial resources needed to scale up and improve their business practices. The program aims to empower agribusinesses by providing financ...


Apr 15 , 2024

Document Authentication Service Gets Fee Revamp

The Council of Ministers approved a new regulation for the Federal Document Authentication & Registration Service last week which introduces a two-tier fee structure for citizens and foreigners, with an overall increase. Beginning at 100 Br for citizens seeking document authentication for an assigning agency of single documents, the ceiling goes up to 500 Br while foreigners pay double these rates. Implementation of the new fees began this week. These changes come alongside a digitisation effort, serving about 7,000 people daily. According to officials, the goal is to improve service...


Apr 15 , 2024

Ministry Consults on New National WASH Program

Officials at the Ministry of Water & Energy are launching a new 10-year National Drinking Water, Sanitation & Hygiene (WASH) Program, funded by a 500 million dollar World Bank loan. It aims to improve access to clean water and sanitation services across 118 weredas. A consultation forum aimed to gather input on the program's design and implementation was held last week. Kebede Gerba (PhD), advisor to the Minister, outlined key changes such as a shift from an input-based approach focusing on construction to a results-based payment system. He said the funding will be tied to achieving...

Apr 15 , 2024

EU Renews National, Continental Commitment

European Union delegation pledges continued humanitarian aid, strong trade ties, and support for major infrastructure projects in Ethiopia, during a press conference held at its headquarters on Cape Verde Road. The announcement comes in light of Hope Day celebrations held on May 9th, which marks a significant step towards the formation of the Union 71 years ago. Outgoing EU Ambassador to Ethiopia, Roland Kobia, put forth a historical context of the Union's formation in post-World War II Europe, emphasising peace as the cornerstone of development. He asserted the Union's willingness to assis...

Apr 15 , 2024

Digital Transformation Council Holds Inaugural Meeting

The newly formed National Digital Transformation Council, led by Deputy Prime Minister Temesgen Tiruneh, held its inaugural meeting last week. This follows Prime Minister Abiy Ahmed's (PhD) announcement establishing the council to oversee the implementation of "Digital Ethiopia 2025," the nation's digital transformation strategy. It brought together officials like Belete Molla, minister of Innovation & Technology; Firehiwot Tamiru, CEO of Ethio telecom; and Tigist Hamid, head of Information Network Security Administration (INSA). The council discussed the overall progress of Ethiopia's...


Apr 15 , 2024

Electric Utility Advances to Off-Grid Power, Electric Vehicles

Ethiopian Electric Utility (EEU) aims to establish off-grid electricity services in remote regions and develop battery charging stations for electric vehicles in partnership with Huawei Technology S.C. Shiferaw Telila, CEO of the Utility signed the agreement with Michael Liu, head of Huawei's Ethiopian office. Ethiopia recently became the first African country to ban the use of internal combustion vehicles for personal use. EEU kicked off a 339 million dollar World Bank-backed project in November of last year that would see the electrification of up to 200 rural towns using 30 off-grid powe...

Apr 8 , 2024

ZamZam Bank Joins Commodity Exchange Payment System

The pioneering full-fledged interest-free commercial bank, ZamZam Bank, has become the 24th financial institution to join the Ethiopian Commodity Exchange's (ECX) payment system. CEO of the Exchange Wendemagegnehu Negera signed the deal with the President of the Bank Melika Bedri last week. According to the CEO, joining the platform which has around 11,000 accounts registered and has transacted over 386 billion Br so far, will allow a reliable mechanism whereby traders can be certain that payments will be made through a reliable system facilitated by the Exchange. As the volume of sesame...


Radar

AfDB, ADF to Chart Transformation Path at Diamond Jubilee

The African Development Bank (AfDB) and the African Development Fund (ADF) are gearing up for a major joint meeting in Nairobi, Kenya, expected to draw around 4,000 participants. The event, taking pla...

Apr 8 , 2024

Big Art Sale Returns to Addis

The annual Big Art Sale returns to Addis Abeba this weekend. Over 100 artists are expected to showcase their original works and prints at the Hilton Addis. What's Out Addis in partnership with the Hil...

Apr 8 , 2024

Securities Exchange Soars Above Capital Raise Target

The Ethiopian Securities Exchange (ESX) has achieved a remarkable feat, surpassing its initial capital requirement by more than twofold. Raising a total of 1.51 billion Br capital, the Exchange paves...

Apr 8 , 2024

World Bank Greenlights $1.72b Project Package for Ethiopia

A substantial finance package of 1.72 billion dollars, greenlit by the World Bank, aims to fortify Ethiopia's critical economic sectors with six projects encompassing food security, climate resilience...

Apr 8 , 2024

Poor Policy Frameworks Pummel Access to Finance: Finds Report

Poor policy set-ups for credit scoring and intellectual property rights were identified as areas requiring significant overhauls to increase finance for Micro, Small and Medium Enterprises (MSMEs) in...

Apr 1 , 2024

Deloitte Receives First Capital Market License

Deloitte, the global consulting firm, receives the inaugural capital market service provider license. The commencement of license issuance was announced last month, making Deloitte's entry into Ethiop...

Authorties Pledge for Change as Climate Risks Surge

A key theme for climate-informed investments in crucial sectors like construction, energy, water, transportation, and agriculture was discussed last week, at the Hyatt Regency. It brought together sta...

Apr 1 , 2024

Amhara Bank Leads Charge in Exchange Investment

Amhara Bank has emerged as a major player in the development of the stock exchange, acquiring a significant stake worth 90.6 million Br. This investment marks the largest holding among commercial bank...

Apr 1 , 2024

Distributors Accuse BGI of Violating Court Order

Around 14 distributors of the pioneering brewery BGI Ethiopia are locked in a legal battle with the company. The crux of the issue lies in a court injunction obtained by the distributors three months...

Apr 1 , 2024

Nib Bank Shareholders Approve Capital Increase

Nib Bank shareholders voted to raise the bank's paid-up capital to 20 billion Br, during their 20th emergency shareholders meeting held at Millenium Hall last week. Shisema Shewaneka, the newly ele...

Apr 1 , 2024

Lion Insurance Joins Exchange Investment Pool

Lion Insurance Company S.C. has joined the growing roster of investors in the Ethiopian Securities Exchange (ESX), marking a pivotal shift for the insurance industry. The company signed a deal to a...

Apr 1 , 2024

Ethiopia Unveils Digital Strategy Oversight Body

Prime Minister Abiy Ahmed (PhD) announced plans for the formation of a national council force to oversee the execution of the "Digital Ethiopia 2025" strategy during a recent event held at the Adewa M...

Apr 1 , 2024

Fed Opens Up Digital Fuel Payments Breaking the Dominance

A new application developed under Ethio telecom is set to allow fuel transactions through approved commercial banks, microfinance institutions, or payment service providers. It is expected to shake up...

Mar 23 , 2024

South Korea Funds Land Title Digitisation in Four Cities

Four cities are selected to benefit from cadaster mapping through drone technology and integrated land title registration through a 30 million dollar pilot project kicked off last week. Hawassa, Bahir...

Mar 23 , 2024

Ethio-China Partnership Eyes Belt & Road Projects

A consensus to intensify efforts on key projects of road infrastructure, railway development, and agriculture was reached with a high-level Chinese delegation last week. They convened to discuss new e...

Mar 23 , 2024

Insurers Join Ethiopia's Stock Market Push

Ethiopian Securities Exchange (ESX) is picking up steam with insurers jumping on board as founding shareholders. Zemen Insurance and United Insurance have invested 20 million Br and 30 million Br resp...


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