Zeleke Temesgen Assumes EIC Commissioner Role


Zeleke Temesgen Assumes EIC Commissioner Role

Zeleke Temesgen (PhD) has been appointed as the new commissioner of the Ethiopian Investment Commission (EIC) after previously serving as deputy commissioner. His predecessor, Hanna Arayaselassie, who also formerly led Ethio Post, was appointed as the new minister of Justice. Hanna navigated through different investment reforms in her brief tenure at the commission with the most notable being the opening of trade sectors, including export, import, wholesale and retail to foreign nationals. The new directive allowed foreign investors to participate in the trade of key commodities such as raw coffee, khat, oilseeds, pulses, hides and skins, forest products, and livestock. A few months ago, EIC announced over 3.8 billion dollars in foreign direct investment (FDI) in the past fiscal year, an 11.5pc growth year-on-year. The Commission unveiled a two-year strategic plan to improve logistics operations and rolled out competitive incentives to attract foreign investments. Prime Minister Abiy Ahmed (PhD) made a change to his cabinet two weeks ago, including the appointment of Gedion Timotheos (PhD), Hanna's spouse, as the new minister of Foreign Affairs. This appointment fills the vacancy created by the inauguration of former Minister Taye Asqeselassie as the country's president earlier this month.

[ssba-buttons]

Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...