Business

Ethiopia Earns $55 Million from Bitcoin Mining: A Growing Global Player

Ethiopia’s role in the Bitcoin mining industry is on the rise, bringing in a remarkable $55 million over the last ten months. This boost in revenue follows Ethiopian Electric Power’s (EEP) strategic contract with 25 organizations engaged in Bitcoin trading, with plans to capitalize on Ethiopia’s abundant and affordable energy resources. Ethiopia’s Bitcoin Mining Surge

November 7, 2024 • By Addis Insight

Business

Ethiopian Airlines’ Airbus A350-1000 Makes First Flight to Lagos

Ethiopian Airlines has announced that its first Airbus A350-1000 aircraft in Africa will make its inaugural flight to Lagos, Nigeria. The airline’s latest addition to its fleet, the Airbus A350-1000, arrived in Addis Ababa from Toulouse, France, on November 5, 2024. In partnership with Airbus and Aviation Sans Frontières, Ethiopian Airlines transported over €100,000 worth

November 7, 2024 • By Addis Insight

Business

Ethiopian Airlines Launches Air Congo: A New Chapter in African Aviation

Ethiopian Airlines, Africa’s largest and most ambitious airline, is preparing for its newest venture, Air Congo, set to take flight in the Democratic Republic of Congo. This new airline, based in Kinshasa and co-owned with the Congolese government, is part of Ethiopian Airlines’ strategy to grow its footprint across the African continent, capturing the booming

November 7, 2024 • By Addis Insight

Business

Ethiopia’s 900 Billion Birr Bond Plan: EEP, Sugar Corporation, and Railway Corporation Lead in Major Debt Overhaul for Commercial Bank

The Ethiopian government has unveiled a major financial proposal to issue 900 billion birr in government bonds. This move aims to address significant debt obligations held by government development organizations and to strengthen the capital reserves of the Commercial Bank of Ethiopia (CBE), the country’s largest state-owned bank. Below are the key details and implications

November 6, 2024 • By Addis Insight

Business

Inside AliExpress’ Expansion in Ethiopia: Unlocking New Opportunities for Local Businesses

Ethiopia’s rapidly growing demand for digital services and e-commerce solutions is surfacing the way for global tech giants to make a mark on the country’s economy, with Alibaba leading the charge. As a nation of over 120 million people, Ethiopia’s expanding consumer base and increasing internet penetration highlight an immense potential for online marketplaces and

November 6, 2024 • By Addis Insight

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