Business

East Africa Electric Highway Begins Trial Supply from Ethiopia to Tanzania

The East Africa Electric Highway project, a pivotal power infrastructure initiative among Ethiopia, Kenya, and Tanzania, has entered a new phase with the official commencement of trial power supply from Kenya to Tanzania. This achievement builds on Ethiopia’s broader ambition to establish itself as a renewable energy hub in East Africa. Key Developments in the

December 15, 2024 • By Addis Insight

Business

Amid Severe Challenges, Bunna Bank Delivers 930.1 Million Birr Profit and 20% Growth in Deposits

In a year marked by economic hurdles, Bunna Bank S.C. has demonstrated remarkable resilience, reporting a pre-tax profit of 930.1 million birr for the fiscal year. Despite the challenges posed by high inflation, foreign exchange shortages, regulatory complexities, and regional conflicts, the bank managed to maintain a solid financial standing. Key highlights from the bank’s

December 15, 2024 • By Addis Insight

Business

Ethiopian Airlines Flight to Dubai Returns Safely to Addis Ababa After Technical Issue

Addis Ababa, December 14, 2024 – Ethiopian Airlines flight ET 612, en route from Addis Ababa to Dubai, experienced a technical issue approximately 30 minutes after takeoff. Following standard safety protocols, the aircraft returned to Addis Ababa and landed safely without incident. All passengers and crew were evacuated promptly and safely as a precautionary measure,

December 15, 2024 • By Addis Insight

Business

Addis Ababa Mandates Full Nighttime Lighting on Main Roads

The Addis Ababa City Administration Cabinet held its 4th regular meeting today, during which several important decisions were discussed and approved to improve services and city management. Key Resolutions: A regulation aimed at preventing pollution in rivers and along riverbanks has been approved. This measure is intended to benefit public health and enhance the city’s

December 14, 2024 • By Addis Insight

Business

The Controversial Minimum Salary Floor for Hospitality and Service Sectors Set by Addis Ababa Revenue Bureau

“There is a ridiculous difference between what is paid and what they say they will pay,” said the Addis Ababa Revenue Bureau in a recent statement that has stirred legal debates and ignited public discourse on wage disparity and tax collection methods in Ethiopia. In a move aimed at improving payroll tax compliance, the Addis

December 14, 2024 • By Addis Insight

Business

Ethiopian Securities Exchange to Launch in January

The Ethiopian Securities Exchange (ESX) has announced its official launch, scheduled for January 2024. According to Dr. Tilahun Ismail, the institution’s CEO, the ESX has been undertaking extensive preparatory activities over the past year to bring this initiative to fruition. Yodit Kassa, Chief Business Development Officer of the ESX, highlighted the development of a digital

December 13, 2024 • By Addis Insight

Business

Ethiopia Startup Data Hub Launched: A Game-Changer for Startups and Investors

A new open-access data platform has been launched in Ethiopia, offering a centralized hub for insights into the country’s startup ecosystem. Developed in partnership with the Ministry of Innovation and Technology, Systemic Innovation, GrowthAfrica, and Dealroom.co, and funded by the FCDO through The RISA Fund, this platform is designed to transform how stakeholders access and

December 13, 2024 • By Addis Insight

Business

From ETB 2,900 to 1,500: How Lemi National Cement is Transforming Ethiopia’s Cement Market

When the Ethiopian government lifted the ban on foreign direct investment (FDI) in 2020, it was a clear step toward realizing its vision of industrial growth and self-reliance. This move has given a boost to the cement sector, which has become a vital part of Ethiopia’s rapid urbanization and ambitious infrastructure projects. From roads to

December 13, 2024 • By Addis Insight

Business

EthSwitch Plans to Launch Credit Scoring and Digital Lending System

EthSwitch S.C., Ethiopia’s national switch operator, has announced plans to launch a credit scoring and digital lending system. The announcement was made during the launch event of Arifpay 3.0. Tsedale G/Egziabher, Director of Business Analysis and Digital Transformation at EthSwitch, shared the update during a panel discussion at the event. Tsedale stated that the initiative

December 12, 2024 • By Addis Insight

Business

Ethiopian Transit Clearinghouse Launches at Berbera Port, Enhancing Somaliland-Ethiopia Trade Relations

Today, the Ministry of Finance and Development of Somaliland announced the inauguration of the Ethiopian Transit Clearinghouse at Berbera Port, marking a significant milestone in the economic partnership between Somaliland and Ethiopia. Abdiresheed Ibrahim, Director General of the Somaliland Ministry of Trade and Tourism, emphasized the importance of this development. “This is a big milestone

December 11, 2024 • By Addis Insight