Business

Ethiopian Airlines Commits 30 Billion Birr to Launch Phase of New Mega-Airport Near Bishoftu

Ethiopian Airlines has allocated a substantial 30 billion birr to begin preparatory works on its ambitious new airport and aviation hub near Bishoftu, located roughly 60 kilometers southeast of Addis Ababa. The development spans 35 square kilometers and represents a major milestone in the airline’s long-term expansion strategy. According to the Ministry of Finance, the

April 19, 2025 • By Addis Insight

Business

Foreign Exchange Auction Sets Average Rate at 131.49 Birr per Dollar, Says National Bank of Ethiopia

The National Bank of Ethiopia (NBE) has officially released the outcomes of its most recent foreign exchange auction, which took place today, offering a total of $70 million to participating commercial banks. According to the report issued by the central bank, the average exchange rate at which the foreign currency was purchased by successful bidders

April 17, 2025 • By Addis Insight

Business

National Bank of Ethiopia to Hold $70 Million Forex Auction Tomorrow

The National Bank of Ethiopia (NBE) has announced that it will hold a foreign exchange auction worth $70 million tomorrow as part of its ongoing efforts to stabilize the foreign currency market and manage exchange rate fluctuations. In an official statement, the central bank confirmed that the auction is part of its regular biweekly foreign

April 16, 2025 • By Addis Insight

Business

Ethiopia Earns Over $2.1 Billion in Foreign Exchange from Gold Market

Addis Ababa – April 16, 2025 The Ministry of Mines announced today that Ethiopia has earned more than $2.1 billion in foreign exchange over the past nine months through the sale of 26 tons of gold delivered to the National Bank. This achievement was disclosed during a high-level discussion held by ministry officials, sector leaders,

April 16, 2025 • By Addis Insight

Business

French Embassy Announces First Winners of the “Habesha Creative Lab”

The French Embassy has revealed the 14 inaugural winners of the Habesha Creative Lab, a program launched under the Ethio-French Touch initiative to support Ethiopia’s cultural and digital creative industries. The Habesha Creative Lab, set to officially open on May 24, 2025, at the Alliance Ethio-Française, provides support to entrepreneurs working in: Support Offered to

April 16, 2025 • By Addis Insight

Business

U.S. State Department Plans to Close Embassy in Eritrea Amid Global Diplomatic Restructuring

An internal State Department memo obtained by The New York Times reveals that the United States is preparing to close its embassy in Eritrea as part of a broader restructuring of its diplomatic presence worldwide. The proposed changes, which include the closure of 10 embassies and 17 consulates, are part of an effort by the

April 16, 2025 • By Addis Insight

Business

Venture Meda: Job Creation through Incubation and acceleration in Ethiopia.

Venture Meda, a transformative initiative launched in partnership with the Mastercard Foundation, the Ministry of Innovation and Technology, and iceaddis, continues its mission to foster job creation and economic growth in Ethiopia. Through innovative incubation and acceleration programs, Venture Meda is set to create sustainable job opportunities by supporting young entrepreneurs and expanding digital entrepreneurship

April 15, 2025 • By Addis Insight

Business

Elon Musk Announces Starlink Launch in Somalia, Marking a New Era for African Connectivity

On April 13, 2025, Elon Musk tweeted a short but impactful message: “Starlink in Somalia.” The announcement marked the official launch of Starlink, SpaceX’s satellite internet service, in the East African nation—opening a new chapter in the country’s access to reliable, high-speed internet. The entry of Starlink into Somalia follows years of effort to expand

April 13, 2025 • By Addis Insight

Business

Awash Bank Secures Over $498 Million in Foreign Exchange for Over 2,200 Customers

Awash Bank Secures Over $498 Million in Foreign Exchange for Over 2,200 Customers Amid Ethiopia’s Currency Challenges Addis Ababa, March 27, 2017 (FM C) — Awash Bank has taken a leading role in addressing Ethiopia’s ongoing foreign exchange shortage, securing over $498 million in foreign exchange for its customers during the first quarter of 2017.

April 5, 2025 • By Addis Insight

Business

Ethiopia Secures Debt Restructuring Deal, Extends Payment Deadlines

Ethiopia’s official creditors are nearing the completion of a debt restructuring agreement that will extend payment deadlines, but will not involve any reduction of the country’s outstanding debt, as confirmed by William Roos, co-chair of the Official Creditor Committee (OCC). Following its default in December 2023, Ethiopia reached a preliminary deal in March with its

April 4, 2025 • By Addis Insight