Business

Addis International Convention Center: A 28 Billion ETB Landmark for Ethiopia’s MICE Industry

The Addis International Convention Center (AICC), a state-of-the-art facility in Addis Ababa, Ethiopia, has been completed with an investment surpassing 28 billion ETB. This mega project aims to position Ethiopia as a premier destination for global conferences, trade fairs, and high-profile events. According to AICC Chief Executive Officer Sisay Gemechu, more than 22 billion ETB

March 6, 2025 • By Addis Insight

Business

Ethiopia’s $30M Arms Export Claim: A Rising Power or an Overstated Achievement?

Addis Ababa, Ethiopia – Ethiopia has officially joined the ranks of Africa’s top arms exporters, with Prime Minister Abiy Ahmed announcing that the country has already earned at least $30 million from weapons sales. This declaration places Ethiopia behind South Africa ($48 million) and Egypt ($41 million) while surpassing Morocco ($21 million) and Nigeria ($3

March 6, 2025 • By Addis Insight

Business

Ethiopia to Purchase Six Cargo Ships to Enhance Trade and Investment

Addis Ababa, February 27, 2017– Ethiopia is set to strengthen its maritime transport capacity with the acquisition of six new cargo ships, the Ethiopian Maritime Transport and Logistics (EMTL) has announced. The move is part of the country’s broader strategy to expand its logistics infrastructure and enhance trade efficiency. According to EMTL, two of the

March 6, 2025 • By Addis Insight

Business

NBE’s Draft Directive Could Require Insurance Companies to Hold 40% More Capital

Ethiopia’s financial landscape is set to undergo significant changes as the National Bank of Ethiopia (NBE) proposes a new directive aimed at strengthening the capital adequacy framework for the country’s insurance industry. The draft directive, which could affects both local and reinsurance companies, is designed to bolster the financial resilience of these institutions amid growing

March 5, 2025 • By Addis Insight

Business

Commercial Bank of Ethiopia Revises Loan Interest Rates

Addis Ababa, Ethiopia – March 4, 2025 – The Commercial Bank of Ethiopia (CBE) has announced adjustments to its loan interest rates, effective March 7, 2025. The changes are part of broader financial sector reforms aimed at aligning lending practices with market conditions, improving financial inclusion, and ensuring the long-term sustainability of Ethiopia’s banking industry.

March 4, 2025 • By Addis Insight

Business

New International Convention Center in Addis Ababa Ready for Official Opening Today

Addis Ababa, Ethiopia – The grand opening of the New International Convention Center today marks a major milestone in Ethiopia’s efforts to establish itself as a premier destination for global business events, conferences, and exhibitions. Situated on 40 hectares of prime land, the center is designed to accommodate a diverse range of events, from corporate

March 1, 2025 • By Addis Insight

Business

Addis Ababa City Administration Introduces New System for VAT Taxpayers to File Monthly Returns

The Addis Ababa City Administration Revenue Bureau has announced the introduction of a new system for over 62,000 VAT taxpayers, designed to enhance VAT service delivery and provide more efficient services. According to the bureau, there are over 62,000 VAT taxpayers in Addis Ababa, and many of them tend to file their returns on the

February 28, 2025 • By Addis Insight

Business

Ethiopia’s Bitcoin Mining Boom: The Cheapest in the World, But at What Cost?

Key Findings How Much Electricity is Needed to Mine 1 Bitcoin After the 2024 Halving? The amount of energy required to mine one Bitcoin remains high, increasing costs depending on local electricity prices. On average, mining 1 BTC consumes around 6,400,000 kilowatt-hours (kWh) of electricity. This is equivalent to: Bitcoin mining has become more energy-intensive

February 27, 2025 • By Addis Insight

Business

There Are 616 Ethiopian Restaurants in the U.S : A State-by-State Breakdown

Ethiopian cuisine has firmly established its presence in the United States over the past few decades. Known for its flavorful wot (stews) served atop injera – a tangy, spongy flatbread made from the grain teff that doubles as both plate and utensil 0 – Ethiopian dining offers a unique communal experience. Diners traditionally share a

February 26, 2025 • By Addis Insight

Business

National Bank of Ethiopia Announces Exchange Rate of 135 Birr per USD Following Special ForEx Auction

Addis Ababa, Ethiopia – The National Bank of Ethiopia (NBE) has announced that the average exchange rate for the US dollar reached 135.6185 Birr following a special foreign exchange auction. This latest round of bidding saw the participation of 27 commercial banks, reflecting significant market engagement in the central bank’s ongoing efforts to regulate the

February 25, 2025 • By Addis Insight