Business

Council of Ministers Forwards Draft Proclamation on Foreign Ownership of Property to Parliament

April 23, 2017 – In its 44th regular session held today, the Council of Ministers unanimously agreed to forward a draft proclamation to the House of People’s Representatives. The draft aims to define the legal conditions under which foreigners can own or possess immovable property in Ethiopia. The proposed legislation establishes a framework that protects

May 1, 2025 • By Addis Insight

Business

Federal Government Launches “Mesob” One-Stop Digital Service Center

In a groundbreaking move towards digital transformation, the federal government has officially launched Mesob, a one-stop service platform designed to integrate multiple public services under one digital system. Utilizing state-of-the-art technology, Mesob enables citizens to access a wide range of federal services online, eliminating the need for physical visits, long queues, and cumbersome paperwork. Under

April 26, 2025 • By Addis Insight

Business

Ethiopia: Passport Services to Require National ID (Fayida) Starting June 1

Addis Ababa, April 18, 2017 (FMC) — In a major policy shift aimed at enhancing security and improving service delivery, Ethiopia’s Immigration and Citizenship Service has announced that a valid National ID, known as Fayida, will become a mandatory prerequisite for obtaining a passport, effective June 1, 2017. The Immigration and Citizenship Service disclosed that

April 26, 2025 • By Addis Insight

Business

Fitch Upgrades Ethiopia’s Local Currency Rating Amid Macroeconomic Reforms

April 26, 2025 Hong Kong – Fitch Ratings has upgraded Ethiopia’s Long-Term Local-Currency Issuer Default Rating (LTLC IDR) from ‘CCC-‘ to ‘CCC+’, citing easing financing pressures and improved macroeconomic stability. However, the country’s Long-Term Foreign-Currency IDR (LTFC IDR) remains at ‘RD’ (Restricted Default), reflecting its ongoing external debt restructuring efforts. The upgrade reflects a series

April 26, 2025 • By Addis Insight

Business

Ethio Telecom Sells Only 10.7% of 100 Million Shares After 121 Days of IPO Offering

Share Sale Results: Only a Fraction Sold Six months after launching Ethiopia’s first-ever Initial Public Offering (IPO), Ethio telecom announced it had sold just 10.7 million out of the 100 million ordinary shares on offer. Initially planned to run from October to January, the IPO was extended by an additional five weeks and officially closed

April 25, 2025 • By Addis Insight

Business

Lemi National Cement Powers Ethiopia’s Construction Boom with Over 12 Million Quintals Delivered

Lemi National Cement PLC is making major waves in Ethiopia’s construction industry, having supplied more than 12 million quintals of cement in just six months. This surge in distribution comes at a critical time, helping to ease the country’s long-standing cement shortage. With an impressive annual production capacity of 4.5 million metric tons, Lemi accounts

April 25, 2025 • By Addis Insight

Business

National Bank of Ethiopia Launches Modernized Ethiopian Automated Transfer System

The National Bank of Ethiopia (NBE) has officially launched the enhanced Ethiopian Automated Transfer System (EATS), a landmark upgrade that now operates using the internationally recognized ISO 20022 messaging standard. This significant development represents a pivotal step forward in the modernization of Ethiopia’s national payment infrastructure, aligning it with global best practices in financial communication

April 25, 2025 • By Addis Insight

Business

Boeing Expands African Presence with New Office in Addis Ababa

Addis Ababa, Ethiopia – April 23, 2025 – In a move underscoring its long-term commitment to the African aviation industry, Boeing has officially opened a new administrative office in Addis Ababa, Ethiopia. This marks the company’s second office on the continent and reinforces its strategic efforts to support airline partners and aviation stakeholders across Africa.

April 23, 2025 • By Addis Insight

Business

Ethiopian Airlines Doubles Weekly Flights to Lagos, Nigeria

Addis Ababa, April 21, 2025 — Ethiopian Airlines has announced a major expansion in its flight services to Lagos, Nigeria. Beginning June, 2025, the airline will increase its weekly flights from 7 to 14. This move reflects a growing demand for connectivity between the two African commercial hubs. The announcement was made through Ethiopian Airlines’

April 21, 2025 • By Addis Insight

Business

Ethiopis Tafara Appointed as World Bank’s IFC Vice President for Africa

April 1, 2025 — Ethiopis Tafara has officially assumed his new position as Vice President for Africa at the International Finance Corporation (IFC), part of the World Bank Group. In his new role, Tafara will oversee IFC’s investment and advisory portfolio across Africa, with a focus on accelerating private sector participation in development and fostering

April 19, 2025 • By Addis Insight