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Category: Business

Ethiopian Communications Authority Introduces New License Fees for Internet and Telecom Service Providers
Business

Ethiopian Communications Authority Introduces New License Fees for Internet and Telecom Service Providers

The Ethiopian Communications Authority has issued a new directive, setting out license fees for companies applying to become internet service providers (ISPs), with costs reaching up to five million birr. The directive, issued under Communication Service Decree No. 1148/2011, also mandates that licensed companies pay an annual service charge of 1% of their gross income.

October 3, 2024 • By Addis Insight
National Bank of Ethiopia Allocates $175 Million to Support Foreign Exchange Market
Business

National Bank of Ethiopia Allocates $175 Million to Support Foreign Exchange Market

Addis Ababa, October 3, 2024 – The National Bank of Ethiopia (NBE) has announced a major allocation of $175 million to the foreign exchange market, aimed at supporting fuel-related import payments over the coming months. This move is expected to help alleviate pressure on foreign exchange needs, particularly for the Ethiopian Petroleum Supply Enterprise (EPSE),

October 3, 2024 • By Addis Insight
Ethiopian Airlines Group and ETTE Sign MoU to Develop Ethiopia’s First Duty-Free Mall
Business

Ethiopian Airlines Group and ETTE Sign MoU to Develop Ethiopia’s First Duty-Free Mall

Addis Ababa, October 3, 2024 – Ethiopian Airlines Group and Ethiopian Tourist Trading Enterprise (ETTE) have entered into an agreement to establish Ethiopia’s first duty-free mall. The two entities signed a memorandum of understanding (MoU) to collaborate on the development of a facility that aims to offer an international shopping experience, featuring luxury brands and

October 3, 2024 • By Addis Insight
Ethiopian Airlines to Launch Five New International Destinations, Including Australia, This Fiscal Year
Business

Ethiopian Airlines to Launch Five New International Destinations, Including Australia, This Fiscal Year

Ethiopian Airlines, Africa’s largest aviation group, is set to expand its international reach by adding five new flight destinations in the current fiscal year, including plans to fly to Australia within the next two years, according to the airline’s Chief Executive Officer. This move is part of the airline’s ongoing efforts to strengthen its global

October 2, 2024 • By Addis Insight
National Bank of Ethiopia Grants Licenses to Five Non-Bank Foreign Exchange Offices
Business

National Bank of Ethiopia Grants Licenses to Five Non-Bank Foreign Exchange Offices

Addis Ababa, September 30, 2024 — The National Bank of Ethiopia (NBE) has officially granted operating licenses to five independent, non-bank foreign exchange bureaus. This move is part of the NBE’s strategy to expand foreign exchange services and improve access to foreign currency transactions across the country. The NBE recently issued a directive to promote

October 2, 2024 • By Addis Insight
Dr. Emebet Melese Takes Charge as President of the Ethiopian Development Bank
Business

Dr. Emebet Melese Takes Charge as President of the Ethiopian Development Bank

Dr. Emebet Melese was appointed as the President of the Ethiopian Development Bank. It has been reported that Dr. Emebet Melese, who was recently appointed as the President of Nib Bank, has now been appointed as the President of the Ethiopian Development Bank. According to a letter written by the Minister of Finance on September

October 2, 2024 • By Addis Insight
Ethio Telecom Announces New Tariff Adjustments Effective Tomorrow
Business

Ethio Telecom Announces New Tariff Adjustments Effective Tomorrow

Ethio Telecom, the state-owned telecom provider, has announced that tariff adjustments for certain products and services will take effect starting tomorrow, Meskerem 21, 2017 E.C. (October 1, 2024). According to the company, the upcoming price revisions are structured in a way that will not impact the majority of the population. Ethio Telecom also emphasized that

September 30, 2024 • By Addis Insight
IMF and Ethiopia Reach Preliminary Agreement on $3.4 Billion Extended Credit Facility
Business

IMF and Ethiopia Reach Preliminary Agreement on $3.4 Billion Extended Credit Facility

Addis Ababa, Ethiopia – It was announced today that the International Monetary Fund (IMF) and the Ethiopian government have reached a preliminary agreement regarding an extended credit facility. In a statement released by the IMF, the organization confirmed that it has agreed to provide Ethiopia with $3.4 billion over four years as part of this

September 28, 2024 • By Addis Insight
Ethiopia’s Largest Cement Factory, Lemi National, Opens with 150,000 Quintal Daily Capacity
Business

Ethiopia’s Largest Cement Factory, Lemi National, Opens with 150,000 Quintal Daily Capacity

Lemi, Ethiopia – Prime Minister Abiy Ahmed (PhD) has officially inaugurated the Lemi National Cement Factory in the Amhara region, the largest cement factory in Ethiopia. With a production capacity of 150,000 quintals of cement per day, the project represents a significant milestone in the country’s industrialization efforts. Speaking at the inauguration, Prime Minister Abiy

September 28, 2024 • By Addis Insight