Business

Ethiopia Launches First-Ever Livestock Transport by Train to Djibouti

For the first time, Ethiopia has started transporting livestock by train to Djibouti. Chief Executive Officer of the Ethio-Djibouti Railway Joint Stock Company, Engineer Takele Uma, announced the launch of the railway transport service for livestock from Adama to Djibouti. Engineer Takele Uma recalled that previously, railway transport was only used for importing goods into

September 23, 2024 • By Addis Insight

Business

Ethiopian Airlines Celebrates 60 Years of Uninterrupted Service to Rome: A Milestone in Aviation Excellence

Addis Ababa, 20 September 2024 – Ethiopian Airlines Group, Africa’s leading aviation powerhouse, proudly celebrates six decades of uninterrupted service to Rome, Italy. In honor of this remarkable milestone, the airline hosted a vibrant event in the heart of Rome, attended by high-ranking government officials from both Ethiopia and Italy, corporate guests, and key stakeholders,

September 21, 2024 • By Addis Insight

Business

Ministry of Finance Issues New Directive on Social Development Tax Exemptions

The Ministry of Finance has recently introduced Directive No. 1023/2017, aimed at identifying goods exempt from the social development tax levied on imported items. This directive is designed to support key social sectors and provide relief for communities affected by both natural and man-made crises. Purpose of the Directive The directive outlines exemptions from social

September 21, 2024 • By Addis Insight

Business

Ethiopian Airlines Boosts Connectivity: 10 Weekly Flights to Guangzhou

Ethiopian Airlines, Africa’s largest and fastest-growing airline, has announced a significant expansion of its flight services to China. As of September 26, 2024, the airline has increased its weekly passenger flights to Guangzhou, one of China’s major commercial hubs, from seven to 10 flights. This strategic move reflects the airline’s continued efforts to meet the

September 20, 2024 • By Addis Insight

Business

EthioTelecom Aims to Expand Telebirr Service to 55 Million Subscribers by 2025

EthioTelecom, a cornerstone of Ethiopia’s telecommunications industry for over 130 years, has unveiled ambitious plans for the 2024/25 fiscal year, entering the third year of its LEAD growth strategy. While the company has played a pivotal role in the nation’s socio-economic development, its current focus shifts to accelerating Ethiopia’s digital transformation, with Telebirr mobile money

September 19, 2024 • By Addis Insight

Business

Ethiopian Airlines Expands African Network with Daily Service to Port Sudan

Ethiopian Airlines is delighted to announce the launch of a daily flight service to Port Sudan, Sudan, commencing on October 15, 2024. This strategic expansion further strengthens Ethiopian’s commitment to enhancing connectivity across the African continent and beyond, fostering regional socio-economic growth and facilitating trade and tourism. The new route will provide seamless travel options

September 14, 2024 • By Addis Insight

Business

Dr. Yohannes Ayalew Appointed CEO of Amhara Bank

Dr. Yohannes Ayalew has been appointed as the new CEO of Amhara Bank , effective September 13, 2024. This announcement came following his voluntary resignation from his previous role as the President of the Ethiopian Development Bank (DBE). Dr. Yohannes’ tenure at the Ethiopian Development Bank began on September 12, 2020. He succeeded Haileyesus Bekele,

September 13, 2024 • By Addis Insight

Business

Ethiopia’s Banking Sector Reaches Trillion-Birr Milestone: A Financial Achievement in 2016

Ethiopia’s financial sector has remained robust by all standards over the last fiscal year, according to recent reports. A few months ago, the National Bank of Ethiopia (NBE) released its first Financial Sector Stability Report, highlighting the sector’s health. However, the report also noted the emergence of certain risks, stressing the need for vigilance and

September 12, 2024 • By Addis Insight

Business

Ethiopia’s Money Market Auctions in Decline: Fewer Banks, Bigger Bids, and What’s Next

Participation in Ethiopia’s open market operation (OMO), the central money market auction introduced by the National Bank of Ethiopia (NBE) in July, has steadily decreased, despite initial enthusiasm from financial institutions. While the ratio of participation grew initially, engagement has since slowed down, highlighting concerns over the effectiveness of the instrument in maintaining liquidity within

September 9, 2024 • By Addis Insight

Business

National Bank Opens Doors for Foreigners to Hold Dollar Accounts Amid Ethiopia’s Currency Reforms

The National Bank of Ethiopia has announced that it has completed the process of granting permission to Foreign Exchange Offices, a move that comes in the wake of Ethiopia’s decision to float its currency, the Birr. The National Bank of Ethiopia also announced that it is now accepting more individuals and companies, allowing entities previously

September 1, 2024 • By Addis Insight