Business

Third-Party Insurance Premiums Surge by 500%: Major Coverage Boost Announced

New Third-Party Insurance Policy Increases Coverage and Premiums A significant change has been made to third-party insurance in Ethiopia, with coverage limits and premium prices seeing substantial increases. The new policy, which takes effect today, raises the maximum coverage for third-party insurance from 500 birr to 3,000 birr. This adjustment is part of a broader

August 22, 2024 • By Addis Insight

Business

Somalia Threatens to Suspend Ethiopian Airlines Over Sovereignty Violations

The Somali Civil Aviation Authority (SCAA) has raised significant concerns regarding Ethiopian Airlines and its flight operations within Somalia, particularly highlighting issues related to the violation of Somalia’s sovereignty. On August 14, 2024, the SCAA sent a formal letter to Ethiopian Airlines outlining their concerns about the airline’s approach to operating flights to Somali destinations.

August 21, 2024 • By Addis Insight

Business

News: Ethiopian Bondholders and Debt Distribution Unveiled by Debt Justice

Debt Justice has recently identified Capital Group, BlackRock, and Franklin Advisors as the three largest known holders of Ethiopian bonds. These institutions represent a significant portion of Ethiopia’s international debt landscape, underscoring the critical role of private creditors in the country’s economic stability. According to the latest report from Debt Justice, ten major bondholders collectively

August 21, 2024 • By Addis Insight

Business

Wegagen Bank Launches International Prepaid Visa Card Service at Diaspora Day Event

Mekelle, August 15, 2016During the Diaspora Day celebration held at Planet Hotel in Mekele City, Wegagen Bank announced the launch of its new international prepaid Visa card service. This service, developed in collaboration with Visa Incorporated, enables customers of the bank, as well as embassies and international organizations, to make global payments without the need

August 21, 2024 • By Addis Insight

Business

Ethiopian Airlines and AliExpress to Launch Cutting-Edge E-Commerce Facility on August 22, 2024

Ethiopian Airlines Group, the largest airline conglomerate in Africa and one of the fastest-growing airline brands globally, has launched a new e-commerce logistics facility in Addis Ababa. This facility is part of a broader strategy to position Addis Ababa as a key cross-border e-commerce logistics hub for Africa. The facility is located within the Ethiopian

August 21, 2024 • By Addis Insight

Business

Ethiopian Ministry of Foreign Affairs Imposes New Restrictions on Vehicle Imports for Diplomatic Missions

Addis Ababa, Ethiopia – August 19, 2024: The Ministry of Foreign Affairs of the Federal Democratic Republic of Ethiopia has introduced new regulations affecting the importation of vehicles by Diplomatic and Consular Missions, as well as Regional and International Organizations operating within Addis Ababa. The Ministry has officially informed these entities that, effective immediately, the

August 20, 2024 • By Addis Insight

Business

Amhara Bank Reports 377.2 Million Birr Profit, Showcasing Growth in Deposits and Digital Services

Amhara Bank has announced its financial results for the previous fiscal year, reporting a pre-tax profit of 377.2 million birr. The results reflect the bank’s ongoing efforts to strengthen its financial position and expand its presence in Ethiopia’s banking sector. According to a press release issued by the bank, the total deposits at Amhara Bank

August 20, 2024 • By Addis Insight

Business

Addis Ababa Prepares for Corridor Development Phase II: Linking City Center with Expanding Neighborhoods

In a significant development for Addis Ababa’s urban planning, Phase II of the city’s corridor project is set to build on the achievements of Phase I, which enhanced urbanization and infrastructure. This upcoming phase aims to refine and extend the successes of its predecessor by integrating effective practices and addressing previous challenges. The new phase

August 16, 2024 • By Addis Insight

Business

IMF Sets Critical Deadlines and Preconditions for Ethiopia’s Access to Extended Credit Facility Funds

The International Monetary Fund (IMF) has laid out a series of critical deadlines and stringent preconditions that Ethiopia must meet to access funds under the Extended Credit Facility (ECF). This comes at a crucial time when the Ethiopian economy is navigating complex challenges, including a liquidity crisis and the need for structural reforms. Continuous Conditionality

August 16, 2024 • By Addis Insight

Business

A Tale of Two Times: Aklilu Lemma and Heman Bekele’s Timeless Innovations in Soap

From Ethiopia to the World: The Transformative Power of Soap in the Hands of Two Visionaries In the rich tapestry of Ethiopia’s history, two figures stand out for their innovative use of a seemingly simple substance: soap. Aklilu Lemma, a pioneering scientist, and Heman Bekele, a young prodigy, have both harnessed the power of soap

August 16, 2024 • By Addis Insight