Sweden Seeds $3.6m for Good Governance

Sep 21 , 2019

Sweden pledged a grant of 3.6 million dollars to Ethiopia to support new and existing governance reform initiatives, including the justice system reform. Pledged through the United Nations Development Programme (UNDP), the financing agreement was inked last week. The agreement was signed on September 19, 2019, between Swedish State Secretary of International Development Cooperation Per Olsson Fridh; Turhan Saleh, UNDP Ethiopia Resident Representative; and Admasu Nebebe, state minister for Finance. On the same date, Fridh had a discussion with Muferiat Kamil, minister of Peace, regarding peace building, democracy and how Sweden can support Ethiopia. The two countries also agreed to work in cooperation on the economy, justice and peace.


Ethiopia's Central Bank Dips a Toe in the Open Market Waters

In a historic move to manage liquidity within the banking system, the National Bank of Ethiopia (NBE) held its first-ever open market operation (OMO) on July 11, 2024. The auction drew notable interest from the financial sector, with 16 bidders submitting nearly 20 billion Br. The central bank accepted the total amount of bids, reflecting the banking industry's robust engagement with this new monetary policy tool. The NBE's foray into OMOs is seen as a strategic measure to control the mone...


CBE Shatters Profit Record at 25.6B BR

The state-owned Commercial Bank of Ethiopia (CBE) registered a record-breaking 25.6 billion Br in gross profits for the ended fiscal year, driven by aggressive cost-cutting measures. While CBE faced a challenge earlier in the year with a system glitch, the bank has demonstrably grown its customer base, now exceeding 45 million people. Its total deposits surpassed the trillion birr mark, reflecting a major increase of 170 billion Br. The Bank's revenue also grew by 13pc, reaching 135.4 billion...


Ethio telecom Dominates Industry with Expanding Profits, Coverage

The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since the entrance of Safaricom Ethiopia three years ago, its annual revenues have taken a leap with the competition. The centenarian operator increased its customer base by 8.9pc to reach 78.3 million, with an 85.4pc geographical coverage. Its nearly three-year-old mobile money service, Telebirr, is use...