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Jun 29 , 2025

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonabl...

Jun 29 , 2025

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dollars construction and 395 billion dollars infrastructure markets. Over 180 exhibitors from more t...


Jun 29 , 2025

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coordinated sports initiatives. University President Jemal Abafita (PhD) said the collaboration is ex...


Jun 29 , 2025

Customs Drafts New Code to Rein in Clearing Agents

The Ethiopian Customs Commission has drafted a new Code of Conduct for customs clearing agents, targeting long-standing issues of fraud, under-declaration, and informal brokerage that cost the state in lost revenue. Rooted in existing laws, the code sets strict ethical and operational standards for licensed agents, including accurate goods classification, permit advisory, and full compliance with customs procedures. Agents will be held accountable for digital misconduct, such as password sharing and uploading unclear documents and practices linked to procedural delays. The code also bars...

Jun 29 , 2025

EFDA Launches Pharmaceutical Traceability Hub

The Ethiopian Food & Drug Authority (EFDA) has begun implementing its pharmaceutical traceability system to curb the flow of illegal medicines. Rolled out on June 26, 2025, the system requires all pharmaceutical exporters to Ethiopia to register with the EFDA-MVC Traceability Hub. Companies must sign participation agreements and pay registration fees by July 25, with full traceability reporting due by June 3, 2026. A grace period for submitting aggregation data extends to December 1, 2026. The initiative is part of broader efforts to improve medicine safety through product serialisation an...

Jun 29 , 2025

Ethio-Re Set to Relocate as New Chair Takes Over

Ethiopian Reinsurance (Ethio-Re) is relocating its headquarters to the newly acquired Black Panther Building, purchased for nearly 100 million Br. Board Chairperson Dagnachew Mehari told Fortune that the long-delayed move is expected to take place next month following renovation work. The relocation follows a major reshuffle at the board level. Dagnachew, CEO of Bunna Insurance, has been appointed chairperson, with Yonas Belay, Chief Growth & Strategy Officer at AGGAR Microfinance, named vice chairperson. Half of the six-member board is new, with Belay Gorfu from Nib Insurance joining a...


Jun 29 , 2025

NBE Demands Investment-Grade Rating for Foreign Banks

The National Bank of Ethiopia (NBE) has issued a new directive requiring foreign banks to hold an investment-grade rating of at least BBB from Standard & Poor's or Fitch, or BAA from Moody's, as a precondition for entering the local banking sector. The directive, which revises licensing and renewal requirements for foreign bank subsidiaries and representative offices, also sets the minimum paid-up capital at 5 billion Br for both domestic banks and foreign branches. Capital from foreign investors must be inwardly remitted in an acceptable foreign currency. Ownership limits have been...

Jun 29 , 2025

ESX Sees First Broker-to-Broker Trade

In a landmark transaction, CBE Capital, acting on behalf of a client with a brokerage account, purchased shares from Wegagen Capital, representing Wegagen Bank. The deal marks the first-ever inter-broker trade executed on the Ethiopian Securities Exchange (ESX). Zemedeneh Negatu of CBE Capital S.C. confirmed to Fortune that the trade was finalised last Wednesday, June 26. He expressed enthusiasm about the first of its kind transaction, noting that CBE Capital is the first company to complete a trade on the ESX. He also acknowledged Wegagen Capital's role as the first investment bank to faci...


Radar

Jun 21 , 2025

City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's s...

CBE Hits Deposits Record

The Commercial Bank of Ethiopia (CBE) achieved a record 303 billion Br in deposits in the first seven months of the budget year—the largest deposit amount in the Bank's history. Total deposits now s...

Feb 10 , 2025

Revenue Bureau Cracks Down on Alleged Tax Evaders

Addis Abeba Revenue Bureau introduced a debt tracking system that would trace tax evaders. As a result, five vehicles were seized and sold to recover tax debts, generating 10.9 million Br. Currentl...

Feb 10 , 2025

Capital Market Authority Demands Share Data from Public Companies

The Ethiopian Capital Market Authority (ECMA) issued a public notice last week, requiring all publicly held companies with more than 50 shareholders to submit detailed information about their existing...

Feb 2 , 2025

New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of th...

Feb 2 , 2025

Shipping Behemoth Beats Profit Target Despite Cargo Dip

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling ...

Feb 2 , 2025

Customs Hits Revenue Target, Cracks Down on Smuggling

The Ethiopian Customs Commission announced that it has exceeded its revenue collection target for the first six months of the fiscal year. The Commission collected 203.75 billion Br, surpassing the pl...

Feb 2 , 2025

Italy Boosts Ethiopian Tech Innovation

A 4.69-million-dollar (4.5 million Euro) grant to establish an incubation centre for high-technology innovation enterprises has been availed by the Italian government. Minister of Finance, Ahmed Shide...

Feb 2 , 2025

President Taye Aspires for Lofty Universal Electricity by 2028

The government has set an aggressive goal to achieve universal electricity access by 2028, which requires electrifying 3.4 million households annually. The Mission 300 Africa Energy Summit in Dar es S...

Feb 2 , 2025

Electric Utility Progresses with Rehabilitation Ambitions

The Ethiopian Electric Utility's project to upgrade the power distribution infrastructure in Addis Abeba and its surrounding areas within a 50km radius is 88pc completed. It includes replacing old woo...

Jan 25 , 2025

Railway Corp Launches Online Booking, Mandates Fayda ID for Travel

Ethio Djibouti Railway (EDR) SC announced the online booking platform starting in February for public passenger transport services. The EDR also announced that all travel bookings are mandated to prov...

Jan 25 , 2025

Ethiopost Embraces Space Technology to Revolutionize Mail Delivery

Ethiopost, the national postal service, signed a Memorandum of Understanding (MoU) with the Ethiopian Space Science & Geospatial Institute (SSGI) to modernize its delivery services, aiming to inte...

Jan 25 , 2025

Land Allocation Surpasses Target, Parliament Urges Timely Project Completion

The Ministry of Urban & Infrastructure provided over 11,000hct of land through allocation and bidding in regional and city administrations, surpassing the planned 7,000hct, according to the Minist...

Jan 25 , 2025

Ethiopia, Tanzania Power Deal Signed, Kenya to Transmit

A power sales agreement has been inked for 100 megawatts of electricity by Ethiopia to Tanzania, after a three-way negotiation between Ethiopian Electric Power (EEP), the Tanzania Electric Supply Comp...

Jan 25 , 2025

Ministry Reports Fuel Market Clean-up, Cement Prices Halved

The Ministry of Trade & Regional Integration reported that 325,000 litres of fuel were removed from the market following government action to address issues in fuel distribution and marketing, inc...

Jan 19 , 2025

Yirgalem Hospital Inaugurates New Oxygen Production Plant

A new oxygen production plant has been inaugurated at Yirgalem Hospital Medical College in Sidama Regional State. The launch was attended by the regional state's chief administrator Desta Ledamo and H...


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Soaring Taxes Fail to Plug Holes as Audit Reveals Enduring Waste

Meseret Damtie, the assertive auditor general, has never been shy about naming names, and...

Editorial | Jun 28 , 2025

Addis Abeba's Street Photographers Craft Futures Through the Lens

On a luminous Sunday afternoon at Mesqel Square, the chatter of conversation merges with t...

Featured | Jun 29 , 2025 . By YITBAREK GETACHEW

As School Fees Soar in Addis, Families Choose Between Education, Survival

Late June in Addis Abeba brings its first curtain of rain, a grey veil that slows the mini...

Agenda | Jun 29 , 2025 . By RUTH BERHANU

PRIVATE EDUCATION COSTS CLIMB FAST

Addis Abeba's first rains have coincided with a sweeping rise in private school tuition, p...

Fortune News | Jun 29 , 2025