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

Business

Commercial Bank of Ethiopia Disburses $122.5 Million to Customers to Support Import Trade

Addis Ababa, March 26, 2017 – The Commercial Bank of Ethiopia (CBE) has announced the disbursement of $122.5 million in foreign exchange to its customers to support the country’s import trade. This move is part of the bank’s ongoing efforts to ensure the smooth functioning of Ethiopia’s foreign exchange market and to meet the increasing

April 4, 2025 • By Addis Insight

Business

The 2025 Billionaires Breakdown: Tech Titans, Finance Moguls, and the Sectors Shaping Global Wealth

The 2025 Forbes World’s Billionaires List, published on April 1, 2025, provides a comprehensive overview of global wealth, identifying 3,028 billionaires with a collective net worth of $16.1 trillion. This marks a significant increase from 2024, with 247 more billionaires and a $2 trillion rise in total wealth. Below is an in-depth breakdown of the

April 4, 2025 • By Addis Insight

Business

Ethiopian Airlines Expands Global Reach with the Launch of Macao Cargo Route

Ethiopian Airlines, Africa’s leading airline and a key player in global air transportation, has announced the launch of its new cargo route to Macao. This expansion comes as part of the airline’s ongoing efforts to strengthen its global network and provide efficient and reliable solutions for international trade. With two weekly flights and an impressive

April 3, 2025 • By Addis Insight

Business

Chapa Enabled Millions of Ethiopians to pay and receive their National ID seamlessly in less than a year.

Addis Ababa, Ethiopia – April 3, 2025 Ethiopian fintech company Chapa partnered with the Ethiopian Postal Service and the National ID (Fayda) platform, marking a significant milestone in the country’s push toward digitized public service delivery. The partnership allows citizens to request their National ID cards online, pay securely via Chapa’s gateway, and collect their

April 3, 2025 • By Addis Insight

Business

Commercial Bank of Ethiopia Posts Record 32.6 Billion Birr Profit

Addis Ababa, Ethiopia – April 3, 2025 — The Commercial Bank of Ethiopia (CBE), the nation’s largest state-owned bank, has reported a staggering 32.6 billion birr profit in just the past eight months, marking a 170.5% surge compared to the same period last year, according to the bank’s president, Abe Sano. The announcement came during

April 3, 2025 • By Addis Insight