Siket Bank Enters Commodity Trade Finance

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Addis Abeba Housing Bureau Warns Landlords against Illegal Rent Hikes, Threatens Legal Action

The Addis Abeba Housing Development and Administration Bureau has issued a warning to landlords attempting to impose unauthorised rent increases or carry out unlawful evictions as the residential leasing cycle nears its statutory June 30 deadline. The warning follows reports of landlords pressuring tenants to vacate properties under claims of personal use or sale, alongside demands for steep rent hikes, according to comments made to state media. Mekdes W. Giorgis, Head of the Bureau, said...

Development Bank Turns Corner as Profit Hits Eight Billion Br

The Development Bank of Ethiopia (DBE) posted a gross profit of eight billion Br in the first nine months of the fiscal year while repaying 15.6 billion Br in outstanding debt. Total income reached 17.3 billion Br, exceeding its target by 12pc. Presenting its performance to the House of Peoples' Representatives Standing Committee for Government Development Organizations, the bank highlighted progress from ongoing reforms, including reducing its non-performing loan ratio to 13.4pc, below the Nati...

City Audit Uncovers 188 Million Br in Financial Irregularities

The Addis Abeba Finance Bureau has implemented corrective measures on 187.7 million Br in financial irregularities identified across 75 public institutions, as the city grapples with a 350-billion-Br financing gap for infrastructure and public services. The Bureau exceeded its annual audit target by 171pc, expanding oversight to 3,242 entities and improving audit report quality to 85pc. The performance comes after an international assessment ranked Addis Abeba first among six African cities f...