Addis Inaugurates City-bus Expressway

Jun 27 , 2020


The Addis Abeba City Administration has inaugurated a mega city-bus expressway project for 5.9 billion Br. Stretching from Jemo II to General Wingate Square, the city-bus expressway covers 19.2Km and is expected to be completed in two years. The inauguration took place with the presence of Prime Minister Abiy Ahmed (PhD) and Addis Abeba City Administration Deputy Mayor Takele Uma. The City Administration is expected to cover 55pc of the required budget for the project, while the remaining will be financed through a loan from the French government. The Prime Minister stated that the project will decrease youth unemployment significantly and noted that transportation and roads are as crucial as housing.


Radar

Amendment Expands Access for Foreign Traders

Foreign participation in Ethiopia's wholesale, retail, import, and export trade sectors has come under renewed focus as the Ethiopian Investment Board(EIB) approved a significant amendment to Directive No. 1001/2016  in its meeting on May 23, 2025. The amendment, proposed by the Ethiopian Investment Commission(EIC), focuses on refining the legal framework governing foreign investment in these sectors. The decision is part of a broader strategy to enhance the country's appeal as an investment...


Radar

NBE Sets Four Percent Ceiling on Foreign Exchange Fees

The National Bank of Ethiopia (NBE) issued a new foreign exchange market directive on May 20, 2025, that caps commercial banks' forex service fees at a maximum of four percent. Banks are instructed to adapt competitive, transparent, and streamlined pricing for all forex-related services. Effective May 26, 2025, total charges for purchasing foreign exchange whether for imports, service payments, or cash note purchases must not exceed the newly set limit. The directive also prohibits banks f...


Radar

SantimPay Launches Zero-fee Digital Remittance Platform

SantimPay has rolled out FrankRemit, first fully integrated, zero-fee digital remittance platform, in partnership with Bank of Abyssinia(BOA). The service smoothly connects all commercial banks and major mobile money providers, including Telebirr, M-Pesa, and CBE Birr which is a first of its kind in the country. FrankRemit is expected to revolutionise how the Ethiopian diaspora sends money home. Developed locally and tested over the past two weeks with successful transfers from multiple count...