Business

Ethiopian Shipping and Logistics Eyes Six New Ships to Meet Ethiopia’s Rising Import-Export Needs

Executives at Ethiopia’s state-owned Ethiopian Shipping and Logistics Services Enterprise (ESLSE) are advancing plans to add six bulk cargo ships to their fleet as the enterprise aims to bolster its capacity and support the nation’s growing import-export needs. According to The Reporter Wondimu Daba, ESLSE’s Deputy CEO for Corporate Services, confirmed that the ESLSE board

October 27, 2024 • By Addis Insight

Business

Ethio Foreign Exchange Bureau Goes Operational: A New Era in Currency Trade

Unveiling Ethiopia’s First Independent Forex BureausThe National Bank of Ethiopia (NBE) has recently granted operational licenses to five new independent foreign exchange bureaus, marking a significant development in the country’s financial landscape. This milestone marks a crucial step in the country’s transition to a market-based exchange regime, following the recent floatation of the Ethiopian birr.

October 19, 2024 • By Addis Insight

Business

Ministry of Finance Greenlights Entry of Fuel Vehicles Stuck at Djibouti and Dire Dawa Ports

Addis Ababa, October 19, 2024 – The Federal Democratic Republic of Ethiopia’s Ministry of Finance, in collaboration with the Customs Commission, has issued a new directive regarding the import of fuel-powered vehicles stored at Djibouti and Dire Dawa Dry Port. The directive is aimed at resolving the issue of vehicles that have been restricted from

October 19, 2024 • By Addis Insight

Business

Zemen Bank Achieves Record 3.77 Billion Birr Profit Amid Economic Challenges

Zemen Bank has reported a significant profit of 3.77 billion birr for the 2023 fiscal year, marking a milestone achievement in its 16th Annual General Meeting. The bank’s president, Dereje Zebene, highlighted the performance, emphasizing the bank’s growth amidst a challenging economic environment. The profit per share for shareholders stood at an impressive 37.6%, reflecting

October 19, 2024 • By Addis Insight

Business

Don’t Confuse Ethio Telecom with GERD Bonds: The Investment You Need to Understand

By- Tsegamlak Solomon Ethio Telecom is Not GERD: Your Money is Not a Matter of Patriotism! Misguided Patriotism in the Ethio Telecom IPO Following the announcement of the Ethio Telecom IPO, several media outlets, particularly government-affiliated ones, have been framing the sale of shares as a matter of national pride and patriotism. While such enthusiasm

October 17, 2024 • By Addis Insight

Business

How Ethiopia Can Achieve 4% Growth by 2026: World Bank’s Insights on Inflation, Currency, and Investment

Ethiopia, like much of Sub-Saharan Africa, is navigating a complex economic landscape shaped by inflation, fiscal challenges, and the need for human capital development. The World Bank’s latest Africa’s Pulse report provides insights that are crucial for understanding Ethiopia’s economic prospects, particularly in light of inflationary pressures, exchange rate volatility, and the need for strategic

October 17, 2024 • By Addis Insight

Business

Ethiopian Airlines Flight Lands Safely After Smoke Incident

Addis Ababa, October 16, 2024 – Ethiopian Airlines has confirmed that flight ET248, en route from Addis Ababa to Dire Dawa, successfully landed at Dire Dawa Airport after smoke was noticed during the plane’s descent. Despite the unsettling situation, the airline assured that all passengers were disembarked safely and without incident. The source of the

October 16, 2024 • By Addis Insight

Business

From Kenya to Ethiopia: M-PESA Enhances Mobile Money Transactions

M-PESA Kenya has extended its mobile money services to Ethiopia, enabling seamless transactions between the two countries via M-PESA Global. This initiative is designed to increase mobile money adoption in Ethiopia, stimulate the local economy, and create new opportunities for both individuals and businesses. “This collaboration supports our commitment to providing innovative financial solutions tailored

October 14, 2024 • By Addis Insight

Business

Ethiotelecom’s 10% Public Share Sale: A Turning Point for Ethiopia’s Telecom Market

Ethiotelecom, Ethiopia’s state-owned telecommunications giant, has announced plans to begin selling 10 percent of its shares to the public. This marks a historic moment in the company’s 130-year legacy of providing cutting-edge telecom services across the country. The sale, which is set to commence on Wednesday, October 23 , 2024, follows the government’s recent decision

October 12, 2024 • By Addis Insight

Business

Commercial Bank of Ethiopia Allocates Over USD 282 Million in Foreign Exchange After Major Reform

Commercial Bank of Ethiopia Allocates Over USD 282 Million in Foreign Exchange After Major Reform Addis Ababa, Ethiopia — July 22, 2016 Following the National Bank of Ethiopia’s (NBE) overhaul of the foreign exchange management system, the Commercial Bank of Ethiopia (CBE) has announced the distribution of over USD 282 million to various sectors between

October 11, 2024 • By Addis Insight