Business

Ethiopian Airlines Expands Cargo Fleet with Boeing 777 Freighter

Ethiopian Airlines, the largest airline in Africa and a leading global air freight operator, has announced the addition of a state-of-the-art Boeing 777 Freighter, ET-BAB, to its ever-growing cargo fleet. This strategic move further strengthens Ethiopian Cargo’s capacity to meet the increasing global demand for efficient, reliable, and environmentally conscious air freight services. A New

January 23, 2025 • By Addis Insight

Business

Mayor Adanech Abebe Launches Construction of Kasanchis-Ayat Residential Village

Addis Ababa, January 15, 2017 (FMC) – Addis Ababa City Mayor, Adanech Abebe, has officially inaugurated the construction of 13,752 residential units in the Kasanchis-Ayat Residential Village, a project being executed through a public-private partnership. The initiative, led by the Addis Ababa City Administration in collaboration with Ayat Real Estate, aims to deliver modern housing

January 23, 2025 • By Addis Insight

Business

Starbucks Celebrates Ethiopia’s Coffee Heritage with New Single-Origin Release

Starbucks is spotlighting Ethiopia, the birthplace of coffee, with the release of its newest single-origin coffee. The Starbucks Single-Origin Ethiopia whole bean coffee, sourced from the Sidama region, is now available across North America this winter. This blonde roast offers a unique flavor profile, with floral aromas and notes of tangerine and lemon balm, celebrating

January 23, 2025 • By Addis Insight

Business

Phoenix Group Signs 80MW Power Deal in Ethiopia to Expand Bitcoin Mining Operations

Abu Dhabi-listed blockchain and cryptomining conglomerate Phoenix Group (PHX.AD) has secured an 80-megawatt (MW) power purchase agreement (PPA) with Ethiopian Electric Power (EEP) as part of its global strategy to diversify operations. This milestone marks the company’s entry into the African market, with energy supplies expected to commence in the second quarter, according to a statement released on Wednesday. The agreement

January 23, 2025 • By Addis Insight

Business

OVID Holding: Aspiring to Become Ethiopia’s Second Vessel Operator Under Ambitious Five-Year Plan

OVID Holding, a rapidly expanding conglomerate, has announced its intention to become Ethiopia’s second vessel operator as part of an extensive five-year investment plan. This initiative, aimed at diversifying its business portfolio, complements a broader strategy encompassing mining, real estate, construction, agriculture, and logistics. Five-Year Investment Strategy The conglomerate’s USD 20 billion investment plan aligns

January 22, 2025 • By Addis Insight

Business

IMF Calls for More Increases in Ethiopia’s Electricity Tariffs Amid Economic Reforms

Partners are calling for additional revisions to address currency rate fluctuations, despite the government’s recent implementation of a long-awaited electricity tariff adjustment in June 2024. On June 20, 2024, the Council of Ministers approved a new power rate adjustment during its 36th regular meeting, which came into effect on September 11, coinciding with the Ethiopian

January 22, 2025 • By Addis Insight

Market

Ethiopia’s Debt Reaches $68.86 Billion: What’s Next

Ethiopia’s Debt Reaches $68.86 Billion: Insights from the Ministry of Finance Ethiopia’s public debt has reached a total of $68.86 billion by June 2024, according to the Ministry of Finance’s recently released Public Sector Debt Portfolio Analysis No. 25. This figure represents 32.9% of the nation’s GDP, marking a decline from 57.2% in 2019, signaling

January 21, 2025 • By Addis Insight

Business

IMF Completes Second ECF Review for Ethiopia, Approves US$248 Million Disbursement

The International Monetary Fund (IMF) Executive Board has completed the second review under the Extended Credit Facility (ECF) arrangement for Ethiopia, enabling the immediate disbursement of approximately US$248 million (SDR 191.7 million). This brings total disbursements under the program to about US$1.611 billion since its approval in July 2024. The four-year ECF arrangement supports Ethiopia’s

January 18, 2025 • By Addis Insight

Business

IMF Completes Second ECF Review for Ethiopia, Approves US$248 Million DisbursementJanuary 17, 2025 | Washington, D.C.

The International Monetary Fund (IMF) Executive Board has completed the second review under the Extended Credit Facility (ECF) arrangement for Ethiopia, enabling the immediate disbursement of approximately US$248 million (SDR 191.7 million). This brings total disbursements under the program to about US$1.611 billion since its approval in July 2024. The four-year ECF arrangement supports Ethiopia’s

January 18, 2025 • By Addis Insight

Business

IMF to Decide on Ethiopia’s $3.4 Billion Program, Unlocking $250 Million Boost

Addis Ababa – The International Monetary Fund (IMF) Executive Board is set to meet on Friday, January 17, 2025, to evaluate Ethiopia’s progress under its $3.4 billion Extended Credit Facility (ECF) program. If approved, the second review could unlock over $250 million in funding, providing a significant boost to Ethiopia’s ongoing economic reform efforts. This

January 17, 2025 • By Addis Insight