Business

Ethiopia’s Economic Reform Gains Momentum: IMF Unlocks $251 Million Boost

The International Monetary Fund (IMF) has reached a significant milestone with Ethiopia, concluding a staff-level agreement on the second review of the four-year Extended Credit Facility (ECF) arrangement. This agreement underscores the progress Ethiopia is making in its homegrown economic reform program, signaling hope for continued growth and stability. A Strategic Partnership for Economic Reform

November 27, 2024 • By Addis Insight

Business

Ethiopian Airlines Added 3 New Weekly Flights to Rome

Ethiopian Airlines recently launched three new weekly flights between Addis Ababa and Rome, starting on November 22, 2017. The announcement was made through the airline’s social media platforms, where it emphasized its intention to provide passengers with more flexible and convenient travel options. The new service operated daily for three days a week, complementing the

November 27, 2024 • By Addis Insight

Business

House of People’s Representatives Approves 582 Billion Birr as Additional Federal Government Budget

The House of People’s Representatives of the Federal Democratic Republic of Ethiopia has approved an additional 582 billion birr federal government budget for the 2017 fiscal year. This decision was made during the House’s 6th regular session in its 4th year of office. The additional budget is earmarked for several critical purposes, including the repayment

November 26, 2024 • By Addis Insight

Business

Commercial Bank of Ethiopia to Adjust Loan Interest Rates and Service Fees

Addis Ababa, Ethiopia – The Commercial Bank of Ethiopia (CBE) has announced its intention to implement adjustments to loan interest rates and service fees. The changes will apply to various services, including loan products, branch and digital banking, and international banking services. The bank has stated that the adjustments are aimed at aligning with current

November 24, 2024 • By Addis Insight

Business

Awash Bank Announces Pre-Tax Profit of Nearly 11 Billion Birr

Awash Bank, Ethiopia’s first private bank, held its 29th Annual General Meeting (AGM) today and announced plans to celebrate its 30th anniversary in January. Presenting the 2023/24 fiscal year report at the meeting, the bank’s board chairman, Ato Gure Kumsa, told Bisrat Radio and Television that the bank’s total income for the fiscal year reached

November 24, 2024 • By Addis Insight

Business

ADvTECH Expands into Ethiopia with $7.5 Million Acquisition of Flipper International School

In a significant move to expand its presence across Africa, JSE-listed private education provider ADvTECH Group has announced the acquisition of Flipper International School, a well-established Ethiopian school group based in Addis Ababa. The $7.5 million deal brings five campuses and approximately 3,000 students into ADvTECH’s growing portfolio of private education institutions. ADvTECH CEO Geoff

November 22, 2024 • By Addis Insight

Business

Ethiopia Set to Begin Electricity Exports to Tanzania via Kenya

Ethiopia is preparing to commence electricity exports to Tanzania through Kenya, marking a significant step in cross-border energy trade within East Africa. According to Bloomberg, Ethiopia plans to supply 100 megawatts of electricity to Tanzania once all agreements between the countries are finalized. Key Developments in the Agreement Strategic Importance of the Deal This arrangement

November 21, 2024 • By Addis Insight

Business

Ethiopia Approves 581 Billion Birr Supplementary Budget for 2024/25

In a significant session, Ethiopia’s Council of Ministers convened for its 40th regular meeting, deliberating on a range of pivotal issues that aim to shape the country’s socio-economic and environmental landscape. Here’s a breakdown of the key discussions and decisions: 1. Adoption of Medium-Term Macroeconomic and Fiscal Framework (2017-2021) The council approved a comprehensive macroeconomic

November 21, 2024 • By Addis Insight

Business

PM Dr. Abiy Inaugurates Ethno Mining Gold Factory

Prime Minister Abiy Ahmed (Dr.) today inaugurated the Ethno Mining Gold Factory, constructed in the Gambella Regional State. In a post on his social media page, the Prime Minister highlighted that Ethno Mining serves as the parent company of Akobo Minerals. He further noted that the company is collaborating with the Ethiopian government through the

November 20, 2024 • By Addis Insight

Business

Importers Face Delays and Risks in Ethiopia’s New Forex Regime

Floating Exchange Rate Sparks Concerns Over Exchange Rate Risk in Ethiopia Ethiopia has recently launched a comprehensive macroeconomic reform program to tackle long-standing economic challenges and transition to a more stable and competitive economy. A central aspect of this reform is the adoption of a Floating Exchange Rate System, intended to address foreign exchange distortions.

November 20, 2024 • By Addis Insight