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Ethio-Re Appoints United CEO as Chairperson

Apr 16 , 2022

Ethiopian Reinsurance (Ethio-Re) has appointed MeseretBezabih, chief executive officer (CEO) of United Insurance, as its board chairperson. NetsanetLemessa, CEO of the state-owned Ethiopian Insurance Corporation, will serve as vice chairperson. Meseret replaces Hailemariam Assefa, who had served the firm as board chairperson since 2019. Ethio-Re was incorporated in 2016 as the country's first reinsurance firm. It has recorded large profits for the past three years. In 2020/21, the firm netted nearly 195 million Br, up 30 million Br from its previous performance. Its gross written premiums rose by over a quarter to 1.14 billion Br last year. Claims paid and provided for fell slightly to 334.5 million Br.

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Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...

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Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...

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Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...

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