Business

Ethiopian Airlines Added 3 New Weekly Flights to Rome

Ethiopian Airlines recently launched three new weekly flights between Addis Ababa and Rome, starting on November 22, 2017. The announcement was made through the airline’s social media platforms, where it emphasized its intention to provide passengers with more flexible and convenient travel options. The new service operated daily for three days a week, complementing the

November 27, 2024 • By Addis Insight

Business

In Memory of Captain Mohamed Ahmed: The Leader Who Took Ethiopian Airlines to New Heights

The Ethiopian aviation industry has lost one of its most iconic pioneers with the passing of Captain Mohamed Ahmed (1932–2024). As a former CEO of Ethiopian Airlines, Captain Mohamed dedicated over a decade of his career to steering the airline through some of the most challenging and transformative periods in its history. His contributions not

November 26, 2024 • By Addis Insight

Business

House of People’s Representatives Approves 582 Billion Birr as Additional Federal Government Budget

The House of People’s Representatives of the Federal Democratic Republic of Ethiopia has approved an additional 582 billion birr federal government budget for the 2017 fiscal year. This decision was made during the House’s 6th regular session in its 4th year of office. The additional budget is earmarked for several critical purposes, including the repayment

November 26, 2024 • By Addis Insight

Business

Commercial Bank of Ethiopia to Adjust Loan Interest Rates and Service Fees

Addis Ababa, Ethiopia – The Commercial Bank of Ethiopia (CBE) has announced its intention to implement adjustments to loan interest rates and service fees. The changes will apply to various services, including loan products, branch and digital banking, and international banking services. The bank has stated that the adjustments are aimed at aligning with current

November 24, 2024 • By Addis Insight

Business

Awash Bank Announces Pre-Tax Profit of Nearly 11 Billion Birr

Awash Bank, Ethiopia’s first private bank, held its 29th Annual General Meeting (AGM) today and announced plans to celebrate its 30th anniversary in January. Presenting the 2023/24 fiscal year report at the meeting, the bank’s board chairman, Ato Gure Kumsa, told Bisrat Radio and Television that the bank’s total income for the fiscal year reached

November 24, 2024 • By Addis Insight

Business

ADvTECH Expands into Ethiopia with $7.5 Million Acquisition of Flipper International School

In a significant move to expand its presence across Africa, JSE-listed private education provider ADvTECH Group has announced the acquisition of Flipper International School, a well-established Ethiopian school group based in Addis Ababa. The $7.5 million deal brings five campuses and approximately 3,000 students into ADvTECH’s growing portfolio of private education institutions. ADvTECH CEO Geoff

November 22, 2024 • By Addis Insight

Business

Commercial Bank of Ethiopia Moves to Establish an Investment Bank

The Commercial Bank of Ethiopia (CBE) is in the process of establishing an investment bank, a move aligned with recent regulatory changes aimed at fostering growth in Ethiopia’s financial sector. This initiative is being coordinated with the involvement of Mr. Zemedeneh Ngatu, an experienced investment consultant and managing director of Fairfax Africa Fund. Regulatory Changes

November 21, 2024 • By Addis Insight

Business

Ethiopia Set to Begin Electricity Exports to Tanzania via Kenya

Ethiopia is preparing to commence electricity exports to Tanzania through Kenya, marking a significant step in cross-border energy trade within East Africa. According to Bloomberg, Ethiopia plans to supply 100 megawatts of electricity to Tanzania once all agreements between the countries are finalized. Key Developments in the Agreement Strategic Importance of the Deal This arrangement

November 21, 2024 • By Addis Insight

Business

Ethiopia Approves 581 Billion Birr Supplementary Budget for 2024/25

In a significant session, Ethiopia’s Council of Ministers convened for its 40th regular meeting, deliberating on a range of pivotal issues that aim to shape the country’s socio-economic and environmental landscape. Here’s a breakdown of the key discussions and decisions: 1. Adoption of Medium-Term Macroeconomic and Fiscal Framework (2017-2021) The council approved a comprehensive macroeconomic

November 21, 2024 • By Addis Insight

Business

Federal Government Employees to Work 48-Hour Weeks Under New Law

The Federal Government Employees Amendment Bill, a subject of intense debate, was approved yesterday by the House of Representatives. Members voiced varied opinions on the bill and its accompanying amendment report, focusing on its implications for federal employees, particularly regarding working hours and operational dynamics. Key Points Raised by Members of the House Criticism of

November 20, 2024 • By Addis Insight