Business

Ethiopia’s Upcoming Salary Increase Set to Launch on September 11

A letter from the Ministry of Finance confirms that one of the key promises of the government’s macroeconomic reform—a wage increase—will take effect on September 11, 2024. Over the past few hours, an image of a letter purportedly from the Ministry of Finance, along with a calculation showing the new salary scale, has been widely

September 6, 2024 • By Addis Insight

Business

Ethiopian Development Bank President Dr. Yohannes Ayalew Submits Resignation

Dr. Yohannes Ayalew, who has served as the president of the Ethiopian Development Bank (DBE) for the past four years, has officially submitted his resignation, according to media reports. His departure marks the end of a tenure during which he introduced several reforms aimed at improving the bank’s operations. However, the bank has also faced

September 6, 2024 • By Addis Insight

Business

The Complex Role of Bill Gates in Ethiopian Agriculture and Healthcare: A Double-Edged Sword by Bekan Bekele

By Bekan Bekele Bill Gates recently visited Ethiopia, to witness the progress of projects his foundation has been deeply involved with for years along with other agricultural initiatives outside of his foundation. While his initiatives aim to advance key sectors like agriculture and healthcare, the impact of his involvement is a subject of heated debate.

September 6, 2024 • By Addis Insight

Business

New Online Service by Unite.et Enables Remote Bank Account Registration for Ethiopians Abroad

Unite.et, a new online service, has launched to enable Ethiopians living abroad to remotely register and open local bank accounts in both local and foreign currencies. The platform aims to facilitate access to banking services for the Ethiopian diaspora, providing a variety of financial services without requiring users to visit a physical branch in Ethiopia.

September 6, 2024 • By Addis Insight

Business

Ethiopia and China Seal Historic Currency Swap Deal: Strengthening Trade Ties

On August 30, 2016, Ethiopia and China agreed to trade in Birr and Yuan, strengthening the economic ties between the two nations. This agreement is believed to have been reached during talks between Ethiopian Prime Minister Abiy Ahmed and Chinese President Xi Jinping. According to Finance Minister Ahmed Shide, the two countries’ national banks have

September 5, 2024 • By Addis Insight

Politics

Ethiopian Air Force on High Alert Amid Somalia Tensions: Defending Eastern Airspace

Following the recent military activities of Egypt and Somalia in the region, the Ethiopian Air Force announced that it is actively guarding the eastern airspace. Colonel Dereje Bushre, the commander of the air division, stated that the Ethiopian Air Force is at a heightened level of readiness to fulfill its national duty and mission. The

September 5, 2024 • By Addis Insight

Business

Private Equity Firm 8 Miles, Backed by Bob Geldof, Exits Majority Stake in Ethiopia’s Awash Wines

Private equity firm 8 Miles, associated with Irish rockstar and philanthropist Bob Geldof, has divested the majority of its stake in Awash Wines, a leading Ethiopian wine producer, for an undisclosed amount. 8 Miles spearheaded a consortium that acquired 100% ownership of Awash Wines in July 2013. In September 2024, it sold an 89% stake

September 5, 2024 • By Addis Insight

Business

Transformative Afforestation Project in Ethiopia Listed on Verra 

Date: September 2, 2024 Addis Ababa, Ethiopia We are thrilled to announce that African Bamboo’s afforestation, reforestation, and revegetation(ARR) carbon project has been officially listed on Verra, marking a significant step forward in our efforts to enhance environmental sustainability and support rural highland communities in Ethiopia. Khalid Duri, founder and CEO said:  “This listing on

September 5, 2024 • By Addis Insight

Business

Kasanchis Area Set for Demolition as PM Abiy Expands Corridor Projects

In a recent ceremony recognizing the completion of the first phase of the Addis Ababa Corridor Project, Prime Minister Abiy Ahmed announced the upcoming demolition of the Kasanchis area as part of the city’s ongoing urban transformation efforts. The demolition is part of a broader initiative aimed at modernizing key infrastructure and improving connectivity throughout

September 5, 2024 • By Addis Insight

Business

Ethiopia Adjusts Power Tariffs to Meet IMF Goals, Effective This New Year

The adjustment made to the electricity service tariff, set to take effect starting from the upcoming New Year, aligns with requirements set forth by the International Monetary Fund (IMF). It is recalled that on Wednesday, September 6, 2023, the Council of Ministers approved the adjustment to the electricity service tariff on June 20, 2023. Following

September 4, 2024 • By Addis Insight