Business

Ethiopia Secures Critical Financing Assurances to Unlock New IMF Loan

Addis Ababa, July 18, 2024 – Ethiopia has successfully obtained key financing assurances from its creditors, a vital requirement for unlocking a new loan from the International Monetary Fund (IMF). This development is a significant milestone in Ethiopia’s efforts to stabilize its economy and pursue necessary reforms, according to Bloomberg. Highlights: Economic Implications: Ethiopia’s economy

July 19, 2024 • By Addis Insight

Business

Dashen Bank Reports a Profit of ETB 6.6 Billion

Dashen Bank, a prominent player in Ethiopia’s private banking sector, has reported a profit of ETB 6.6 billion for the fiscal year 2023/24, positioning it as a key competitor alongside Awash Bank. Established in 1995, Dashen Bank has demonstrated consistent growth, driven by strategic investments and operational efficiencies. According to the bank’s financial statements, it

July 18, 2024 • By Addis Insight

Africa News

Trump and Biden’s African Legacies: What the Next President Must Do Differently

Introduction The relationship between the United States and Africa is critical in shaping global geopolitical dynamics. The policies of President Donald Trump and President Joe Biden towards Africa have presented contrasting approaches. This article explores what the upcoming US president’s policy towards Africa should look like by comparing the Trump and Biden administrations, considering Africa’s

July 18, 2024 • By Addis Insight

Culture

From Ethiopia to NYC: The Inspiring Culinary Journey of Chef Fariyal Abdullahi

Chef Fariyal Abdullahi, a talented culinary artist with Ethiopian roots, has made remarkable strides in the gastronomic world. Initially pursuing a career as a child psychologist, Abdullahi discovered her true passion for cooking and decided to embark on a new path. Her culinary journey led her to become the Executive Chef at Hav & Mar

July 18, 2024 • By Addis Insight

Business

Ethiopian Airlines Implements New Policy on Air Ticket Payments for Travelers

Addis Ababa, Ethiopia – Ethiopian Airlines has announced a significant update to its payment policy for air tickets, effective immediately. The national carrier now requires that passenger tickets for flights originating outside of Ethiopia must be purchased in the currency of the country where the passenger begins their journey, or in hard currency, regardless of

July 17, 2024 • By Addis Insight

Business

Awash Bank’s Pre-Tax Profit Jumps to ETB 14 Billion Amid Expansion

Awash Bank Reports Significant Profit Growth for 2023/24 Fiscal Year Addis Ababa, Ethiopia – Awash Bank, one of Ethiopia’s private commercial banks, has announced a substantial increase in its profits for the 2023/24 fiscal year. According to the bank’s financial statements, Awash Bank reported a pre-tax profit of ETB 14 billion, reflecting a 42.85% rise

July 17, 2024 • By Addis Insight

Business

Addis Abeba to Implement Shift System for Code 2 Vehicles to Alleviate Traffic Congestion

Addis Ababa, Ethiopia – In a bid to tackle the growing traffic congestion in the capital, the Addis Abeba City Traffic Management Authority has announced the implementation of a shift system for Code 2 vehicles during peak hours. This measure is part of a comprehensive strategy aimed at improving traffic flow and reducing the daily

July 17, 2024 • By Addis Insight

Business

Ethiopian Capital Market Authority (ECMA) Introduces Directive to License First Securities Exchange

Addis Ababa, Ethiopia, July 16, 2024 – The Ethiopian Capital Market Authority (ECMA) has announced the issuance of a groundbreaking directive that will facilitate the licensing of the first securities exchange in Ethiopia. This significant development marks a milestone in the evolution of the country’s financial sector, poised to enhance the capital market’s contribution to

July 16, 2024 • By Addis Insight

Business

Takele Uma Returns to Leadership as Ethio-Djibouti Railway CEO

Addis Ababa (July 9, 2016) – (Dr.) Engineer Takele Uma Benti has been appointed as the Chief Executive Officer of the Ethio-Djibouti Railway by Prime Minister,Abiy Ahmed (Dr.). The appointment is effective immediately. Engineer Takele Uma Benti has a diverse background in government roles. He served as the Mayor of Addis Ababa, where he oversaw

July 16, 2024 • By Addis Insight

Business

UAE and Ethiopia Forge Landmark Currency Swap Deal to Boost Trade and Investment

Addis Ababa (16 July 2024) – In a landmark financial collaboration, the Central Bank of the UAE (CBUAE) and the National Bank of Ethiopia (NBE) have signed a bilateral currency swap agreement for the UAE Dirham and Ethiopian Birr. The agreement was formalized by His Excellency Khaled Mohamed Balama, Governor of the CBUAE, and His

July 16, 2024 • By Addis Insight