Business

Alibaba AliExpress Enters Ethiopian Market: MKTY Appointed as Official Business Partner and Launches Africa’s First AliExpress Showroom

Alibaba Group’s AliExpress has made a significant entry into the Ethiopian market, signaling a major step forward in the region’s e-commerce development. The global e-commerce platform has appointed MKTY as its Official Business Partner in Ethiopia, a move that highlights the strategic importance of Ethiopia as a gateway to broader African markets. This partnership is

August 25, 2024 • By Addis Insight

Business

Reform and Risk: How Ethiopia’s Currency Shift Is Reshaping Everyday Life

Introduction: Shifting from a Fixed to a Market-Based Exchange Rate For over a decade, Ethiopia’s economy has been guided by a fixed exchange rate, but now, the National Bank’s bold move to a market-based system is stirring up excitement and uncertainty. As this new chapter begins, the ripple effects on pricing, especially for everyday essentials

August 24, 2024 • By Addis Insight

Business

Ethiopia to Begin Power Exports to Tanzania in September, Expanding Regional Energy Network

Ethiopia is set to commence electricity exports to Tanzania next month, according to Ethiopian Electric Power CEO, Engineer Ashebir Balcha. The power transmission is expected to begin by mid-September, following the completion of necessary preparations. This development is part of Ethiopia’s broader strategy to increase its electricity export revenue. So far this year, the country

August 24, 2024 • By Addis Insight

Africa News

Grand Ethiopian Renaissance Dam Reaches New Milestone with Units 7-10 Fully Operational

Addis Ababa, Ethiopia – The Grand Ethiopian Renaissance Dam (GERD) has reached another significant milestone with the successful activation of Units #7, #8, #9, and #10, which are now fully operational. These developments are part of Ethiopia’s broader efforts to enhance its power generation capacity and secure energy independence. Unit #7 began generating power today,

August 24, 2024 • By Addis Insight

Business

Addis Insight Unveils Advanced Ethiopia Birr Currency Exchange Platform

Addis Ababa, Ethiopia – Addis Insight is excited to announce the launch of its innovative Ethiopia Birr (ETB) currency exchange platform, designed to provide users with accurate and real-time exchange rates against major global currencies. The platform features a powerful currency converter and delivers daily forex updates sourced from Ethiopia’s leading banks. The currency exchange

August 23, 2024 • By Addis Insight

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