Business

Inside Ethiopia’s First IMF Review: Progress, Challenges, and Strategic Adjustments

In a significant step to address longstanding economic challenges, the IMF recently completed its first review under the 48-month Extended Credit Facility (ECF) for Ethiopia. This arrangement, part of a comprehensive $10.7 billion support package from global partners, provides Ethiopia with about $3.4 billion in support to stabilize the economy, restore debt sustainability, and catalyze

November 5, 2024 • By Addis Insight

Business

Ethiopian Airlines Welcomes Africa’s First Airbus A350-1000 to Its Fleet!

In a landmark achievement for African aviation, Ethiopian Airlines has officially received Africa’s very first Airbus A350-1000 aircraft. The handover ceremony was held at Airbus headquarters in Toulouse, France, marking a milestone moment for both Ethiopian Airlines and the African aviation industry. This brand-new aircraft is scheduled to arrive at Addis Ababa Bole International Airport

November 5, 2024 • By Addis Insight

Business

Ethiopia Opens Doors to Global Banking: Kenya, Morocco, and UAE Lead the Charge

Ethiopia is ushering in a new era of economic transformation by liberalizing its banking sector, allowing foreign banks to enter one of Africa’s fastest-growing markets. With the recent approval of a bill permitting foreign bank ownership, partnerships, and branch openings, Ethiopia is attracting interest from lenders across Kenya, Morocco, and the UAE. As one of

November 4, 2024 • By Addis Insight

Business

Ethiopian Airlines to Welcome Africa’s First Airbus A350-1000 This Tuesday

Ethiopian Airlines is set to make history this coming Tuesday as it becomes the first airline in Africa to take delivery of the Airbus A350-1000, a groundbreaking addition to its expanding fleet. Aptly named “Ethiopia, Land of Origins,” this new aircraft celebrates Ethiopia’s cultural heritage while symbolizing the airline’s commitment to connecting Africa to the

November 3, 2024 • By Addis Insight

Business

Lemi National Cement Factory Officially Begins Product Distribution

The newly inaugurated Lemi National Cement Factory, the largest cement production facility in Ethiopia, announced yesterday that it has officially entered the market with its first batch of products. Prime Minister Abiy Ahmed (PhD) recently inaugurated the factory in the Amhara region, marking a significant milestone in Ethiopia’s industrialization efforts. With a daily production capacity

November 1, 2024 • By Addis Insight

Business

National Bank of Ethiopia Unveils Interbank Market Platform to Boost Liquidity for Banks

National Bank of Ethiopia Launches Online Interbank Money Market Platform to Strengthen Financial Stability Addis Ababa, Ethiopia – October 31, 2024 – In a landmark move, the National Bank of Ethiopia (NBE) announced the launch of an online Interbank Money Market platform designed to enhance liquidity management across the country’s banking sector. This initiative marks

October 31, 2024 • By Addis Insight

Business

PM Abiy Ahmed Unveils Vision for Africa’s Largest Airport and Expanded Fleet

Prime Minister Abiy Ahmed announced that Ethiopian Airlines has placed an order for 124 new aircraft, marking a significant milestone for the airline. “Ordering 124 planes is no small feat; it’s a remarkable achievement,” the Prime Minister stated. He further highlighted the scale of operations at the current airport, which accommodates 20 to 25 million

October 31, 2024 • By Addis Insight

Business

Ethiopian Airlines Debunks Eritrean Airspace Ban Rumors Amid Media Claims

Ethiopian Airlines has dismissed recent reports claiming that it has been banned from flying in Eritrean airspace, labeling such information as incorrect. The airline confirmed to the fact-checking platform Ethiopia Check that it continues to operate flights in Eritrean airspace without any restrictions. In recent days, several Ethiopian, Eritrean, and Somali online media outlets have

October 31, 2024 • By Addis Insight

Business

PM Abiy Accuses Embassies of Economic Misconduct and Black Market Ties in Ethiopia

Prime Minister Abiy Ahmed (Dr.) today made a bold statement during a parliament address, pointing to unnamed embassies involved in activities he described as detrimental to Ethiopia’s economy. He accused certain foreign embassies of orchestrating black market operations and conducting unauthorized foreign exchange dealings. This behavior, according to the Prime Minister, has become so disruptive

October 31, 2024 • By Addis Insight

Business

NBE’s Directive on Fuel Imports Raises Concerns of Increased Activity in Parallel Markets

The National Bank of Ethiopia (NBE) has shifted a significant portion of the foreign currency responsibilities for fuel imports to commercial banks. As part of this new directive, private banks are now responsible for covering 50% of the annual fuel import costs, which amount to $3.2 billion. This translates to securing $1.6 billion for fuel

October 30, 2024 • By Addis Insight