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Category: Business

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
Addis Ababa City Administration Tightens Control on Building Permits and Setback Violations
Business

Addis Ababa City Administration Tightens Control on Building Permits and Setback Violations

The Addis Ababa City Administration’s Construction Permit and Control Authority has issued a strict warning to developers violating the city’s building regulations, specifically related to the implementation of the Setback Act. This move follows the city administration’s cabinet decision during its 14th regular meeting on June 18 th, 2024, where several measures concerning building construction

September 26, 2024 • By Addis Insight
Unlocking Ethiopia’s Gemstone Potential: Haimanot Sisay’s Journey as the First Gemstone School Founder
Business

Unlocking Ethiopia’s Gemstone Potential: Haimanot Sisay’s Journey as the First Gemstone School Founder

Haimanot Sisay’s journey from studying computer science to becoming a pioneering gemologist in Ethiopia is a compelling tale of passion, perseverance, and the transformative power of education. With a background that includes working as a flight attendant for Ethiopian Airlines and establishing her own gemstone export business, Haimanot has not only carved a niche for

September 25, 2024 • By Addis Insight
Ethiopia’s Government Considers Berbera Port for Fuel Imports as Djibouti Depot Faces Capacity Declines
Business

Ethiopia’s Government Considers Berbera Port for Fuel Imports as Djibouti Depot Faces Capacity Declines

The Ethiopian government is awaiting a decision regarding the importation of fuel through Berbera Port in Somaliland, a move prompted by ongoing issues with fuel distribution and service capacity at the Horizon Oil Storage Depot in Djibouti. The Horizon depot has seen a reduction in service capacity, leading to disruptions in the fuel supply chain

September 25, 2024 • By Addis Insight
Zemen Bank Mobilizes Over $500 Million in Foreign Currency During 2023/24 Fiscal Year
Business

Zemen Bank Mobilizes Over $500 Million in Foreign Currency During 2023/24 Fiscal Year

Zemen Bank has announced that it successfully mobilized over $500 million in foreign currency during the 2023/24 fiscal year. The bank reported a total of $566 million in foreign exchange mobilization, a notable achievement amid ongoing economic challenges in Ethiopia’s financial sector. Tewahido Tafesse, Chief Strategy and Marketing Officer of Zemen Bank, shared the details

September 25, 2024 • By Addis Insight