Business

Fitch Upgrades Ethiopia’s Domestic Credit Rating Amid Economic Reforms

In a significant development for Ethiopia’s financial landscape, Fitch Ratings announced an upgrade of the country’s Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to ‘CCC+’ from ‘CCC-‘ on October 25, 2024, signaling a cautious optimism toward Ethiopia’s economic restructuring. While the Long-Term Foreign-Currency IDR remains at ‘Restricted Default’ (RD), Fitch’s upgrade of the local currency

November 11, 2024 • By Addis Insight

Business

Ethiopian Airlines Partners with South Sudan to Launch National Carrier

Ethiopian Airlines Takes Bold Step in Regional Aviation by Partnering with South Sudan to Establish National Carrier In a historic move for regional connectivity and economic growth, Ethiopian Airlines has secured a management deal with the government of South Sudan to establish and operate a national carrier. This collaboration, formalized during a meeting between South

November 10, 2024 • By Addis Insight

Business

Wegagen Bank Celebrates Landmark Birr 9.8 Billion Profit, Outpacing Last Year’s Growth by 40%

Wegagen Bank has achieved record-breaking financial performance for the 2023/24 fiscal year, reporting a net income of Birr 9.8 billion and a gross profit of Birr 2.2 billion, marking a historic milestone. This impressive financial achievement was presented during the bank’s 31st Ordinary and 15th Extra Ordinary Shareholders’ General Assembly, held at the Hilton Addis

November 9, 2024 • By Addis Insight

Business

Ahadu Bank has announced a pre-tax profit of more than 119 million birr.

At its 3rd Ordinary General Meeting of Shareholders held on October 30, 2017, the chairman of the bank’s board of directors, Mr. Anteneh Sebsbe, shared that Ahadu Bank reported a pre-tax profit of 119.96 million birr for the fiscal year. Mr. Sebsbe highlighted that the bank achieved this strong financial performance within a relatively short

November 9, 2024 • By Addis Insight

Business

Ethiopia’s Ministry of Finance Ends Franco Valuta Import System for Commercial Goods

The Ministry of Finance of the Federal Democratic Republic of Ethiopia has issued a directive announcing the end of the Franco valuta import system for specific commercial goods. This decision affects imports of goods like oil and other food products previously allowed under this system, which was introduced to mitigate potential inflation during the implementation

November 8, 2024 • By Addis Insight

Business

Ethiopia Aims for Cashless Economy with Interoperable QR Code Payment System

Ethiopia’s New Interoperable QR Code Standard Sets the Stage for a Digital Payment Revolution Ethiopia is taking a significant step in digital finance with the rollout of an interoperable QR code payment standard, promising to unify the country’s fragmented payment ecosystem and deliver seamless, accessible, and secure transactions. Spearheaded by EthSwitch, Ethiopia’s national payment switch,

November 8, 2024 • By Addis Insight

Business

Ethiopia Earns $55 Million from Bitcoin Mining: A Growing Global Player

Ethiopia’s role in the Bitcoin mining industry is on the rise, bringing in a remarkable $55 million over the last ten months. This boost in revenue follows Ethiopian Electric Power’s (EEP) strategic contract with 25 organizations engaged in Bitcoin trading, with plans to capitalize on Ethiopia’s abundant and affordable energy resources. Ethiopia’s Bitcoin Mining Surge

November 7, 2024 • By Addis Insight

Business

Ethiopian Airlines’ Airbus A350-1000 Makes First Flight to Lagos

Ethiopian Airlines has announced that its first Airbus A350-1000 aircraft in Africa will make its inaugural flight to Lagos, Nigeria. The airline’s latest addition to its fleet, the Airbus A350-1000, arrived in Addis Ababa from Toulouse, France, on November 5, 2024. In partnership with Airbus and Aviation Sans Frontières, Ethiopian Airlines transported over €100,000 worth

November 7, 2024 • By Addis Insight

Business

Ethiopian Airlines Launches Air Congo: A New Chapter in African Aviation

Ethiopian Airlines, Africa’s largest and most ambitious airline, is preparing for its newest venture, Air Congo, set to take flight in the Democratic Republic of Congo. This new airline, based in Kinshasa and co-owned with the Congolese government, is part of Ethiopian Airlines’ strategy to grow its footprint across the African continent, capturing the booming

November 7, 2024 • By Addis Insight

Business

Ethiopia’s 900 Billion Birr Bond Plan: EEP, Sugar Corporation, and Railway Corporation Lead in Major Debt Overhaul for Commercial Bank

The Ethiopian government has unveiled a major financial proposal to issue 900 billion birr in government bonds. This move aims to address significant debt obligations held by government development organizations and to strengthen the capital reserves of the Commercial Bank of Ethiopia (CBE), the country’s largest state-owned bank. Below are the key details and implications

November 6, 2024 • By Addis Insight