Business

Ethiopian Investment Holdings Expands Its Portfolio with Eight Key Additions

Addis Ababa, Ethiopia – December 4, 2024 – Ethiopian Investment Holdings (EIH), the strategic investment arm of the Ethiopian government, has announced a major portfolio expansion with the addition of eight state-owned enterprises (SOEs). This move underscores EIH’s commitment to enhancing economic productivity and positioning itself as a pivotal driver of growth across key sectors

December 4, 2024 • By Addis Insight

Business

Government’s Bold Tax Reform: Can Ethiopia Meet Its Revenue Targets Amid Challenges?

Ethiopia is navigating a moment of profound change, driven by the urgent need to address challenges that have slowed growth for years. One of the boldest steps in this journey is a sweeping economic reform aimed at revitalizing the country’s financial system. These efforts, launched after the political shift in 2018, are intended to bring

December 4, 2024 • By Addis Insight

Business

BIT Mining to Acquire 51-Megawatt Ethiopian Crypto Mining Centers for $14.28 Million

BIT Mining Limited (NYSE: BTCM), a leading technology-driven cryptocurrency mining company, has announced a landmark acquisition aimed at expanding its operations into Ethiopia, one of the world’s emerging Bitcoin mining hubs. The company will acquire 51-megawatt crypto mining data centers and 17,869 high-performance Bitcoin mining machines in Ethiopia for a total of US$14.28 million, marking

December 4, 2024 • By Addis Insight

Business

Ethiopia, Djibouti, and Sudan Forge Groundbreaking Telecom Partnership to Boost Africa’s Digital Future

In a significant step toward advancing Africa’s digital transformation, telecom giants Ethio Telecom, Djibouti Telecom, and Sudatel have announced a strategic partnership aimed at revolutionizing the region’s digital infrastructure. The partnership, dubbed the “Horizon Fiber Initiative,” was officially unveiled on November 24, 2017, and promises to bridge Africa’s connectivity gaps while establishing a cutting-edge fiber

December 4, 2024 • By Addis Insight

Business

Ethiopia’s Fashion Stars Shine in Creative DNA: Ethiopia 2.0

The Creative DNA Fashion Programme, spearheaded by the British Council and implemented in partnership with Creative Hub Ethiopia and iceaddis, celebrated the successful conclusion of its second cohort. Out of 194 applicants, ten exceptional Ethiopian designers were selected to participate in this transformative program, designed to foster sustainable growth within the Ethiopian fashion industry. Through

December 3, 2024 • By Addis Insight

Business

NBE Prepares to Announce Credit Cap Reform Amid Inflation Ease

In an effort to relieve inflation, the National Bank of Ethiopia (NBE) has introduced a 14 percent cap on credit growth for commercial banks. This policy is part of a broader strategy announced on August 11, 2023, which includes several measures to stabilize the economy. The goal is clear: to bring inflation down to below

December 3, 2024 • By Addis Insight

Business

28 Ethiopian Banks Reportedly Defrauded of 1.3 Billion Birr in One Year

It has been reported that 28 Ethiopian banks lost a total of 1.3 billion birr to fraudsters in the past year. This figure represents an increase of 300 million birr compared to the previous year. Only three banks are said to have been unaffected by the fraud. The National Bank of Ethiopia released its annual

December 3, 2024 • By Addis Insight

Business

Ethiopia’s Financial Sector: A Deep Dive into Stability, Growth, and Emerging Opportunities

The National Bank of Ethiopia (NBE) has unveiled its second Financial Stability Report, offering a comprehensive analysis of the country’s financial system during the fiscal year ending June 2024. Amid significant economic reforms, the report underscores Ethiopia’s resilience in navigating global and domestic challenges while laying the groundwork for a modern, inclusive financial landscape. Economic

December 2, 2024 • By Addis Insight

Business

National Bank of Ethiopia Mandates National ID for Banking: A Major Step Towards Secure Financial Systems

The National Bank of Ethiopia (NBE) has announced a groundbreaking decision to make the National ID (commonly referred to as Fayda) mandatory for opening and maintaining bank accounts across the country. This initiative, communicated to financial institutions on November 26, 2024, marks a transformative move to enhance the security, transparency, and inclusiveness of Ethiopia’s financial

November 30, 2024 • By Addis Insight

Business

Ethiopian Airlines Increases Weekly Flights to New York, Offering Daily Service Starting December 1

Ethiopian Airlines has announced an increase in its weekly flight schedule between Addis Ababa and New York, raising the frequency from four to seven flights per week. This change, effective December 1, 2024, marks a significant shift as the airline will begin operating daily flights on the route starting Sunday. The adjustment to a daily

November 29, 2024 • By Addis Insight