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ADDISINSIGHT

Global Perspective, Local Depth

Category: Business

From Wallets to Wheels: How Ethiopia’s Forex Change Will Drive Up Car Costs
Business

From Wallets to Wheels: How Ethiopia’s Forex Change Will Drive Up Car Costs

For many Ethiopians looking to buy a car, the recent changes in the foreign currency exchange market will be more than just economic news; they will directly impact their wallets. As the value of the birr fluctuates against major currencies, the cost of importing vehicles is expected to surge, leading to noticeable price increases at

August 15, 2024 • By Addis Insight
Addis Tomorrow: The Fourth Major City Project Launched Around Gotera in Addis Ababa
Business

Addis Tomorrow: The Fourth Major City Project Launched Around Gotera in Addis Ababa

Ethiopia The construction of the Addis Tomorrow Special Economic Zone was officially launched today, with Prime Minister Abiy Ahmed (Dr.) in attendance. The project, known as the “Addis Tomorrow Special Economic Zone,” is a collaborative effort with China’s CCCC and spans 35 hectares of land. This ambitious development is akin to creating a new city

August 14, 2024 • By Addis Insight
Ethiopian Securities Exchange Partners with Infotech Private Limited to Launch Advanced Trading Technology
Business

Ethiopian Securities Exchange Partners with Infotech Private Limited to Launch Advanced Trading Technology

Addis Ababa, Ethiopia – In a groundbreaking move, the Ethiopian Securities Exchange (ESX) has signed two pivotal technology agreements with Infotech Private Limited, a leading global provider of capital markets technology solutions. This collaboration marks a significant milestone in the establishment of Ethiopia’s first-ever securities exchange, positioning the country to become a key player in

August 13, 2024 • By Addis Insight
Ethiopia’s $1.5 Billion Gamble: How World Bank-Backed Privatization, Tax Reforms, and FX Shifts Could Transform the Economy
Business

Ethiopia’s $1.5 Billion Gamble: How World Bank-Backed Privatization, Tax Reforms, and FX Shifts Could Transform the Economy

Addis Ababa, 29 July 2024 – In a decisive move towards economic modernization, Ethiopia is undertaking a comprehensive set of reforms with robust backing from the World Bank. The global institution has approved a substantial $1.5 billion financial package, consisting of a $1 billion grant and a $500 million credit, under the Ethiopia First Sustainable

August 11, 2024 • By Addis Insight
Dashen Bank Secures $40 Million Trade Finance Guarantee from African Development Bank
Business

Dashen Bank Secures $40 Million Trade Finance Guarantee from African Development Bank

Addis Ababa, 09 August 2024 – The African Development Bank Group (AfDB) has approved a $40 million trade finance transaction guarantee facility for Dashen Bank, aimed at bolstering Ethiopia’s financial sector. This facility is a strategic move to support the country’s Small and Medium-Sized Enterprises (SMEs) and local corporations by facilitating their trade finance requirements.

August 10, 2024 • By Addis Insight
Shewaber Rewards Secures Investment at $600K Valuation, Sets Sights on Major Expansion
Business

Shewaber Rewards Secures Investment at $600K Valuation, Sets Sights on Major Expansion

Addis Ababa, Ethiopia – August 9, 2024 – Shewaber, the pioneering Restaurant Loyalty Reward Platform in Ethiopia, has successfully secured an investment at a $600,000 valuation from a foreign investor, marking a significant milestone for the startup founded by Eyoel Tesfaye and Besufekad Menji. Originally launched three years ago as an online bookstore offering free

August 9, 2024 • By Addis Insight
Dr. Brook Taye Steps Down; Hana Tehelku Appointed New Director General of Ethiopian Capital Market Authority
Business

Dr. Brook Taye Steps Down; Hana Tehelku Appointed New Director General of Ethiopian Capital Market Authority

Ethiopian Capital Market Authority Announces Leadership Change In a significant shift at the Ethiopian Capital Market Authority (ECMA), Dr. Brook Taye is stepping down after two years of distinguished service. Dr. Taye has been pivotal in the formation of the authority, establishing its regulatory framework and launching initiatives that have set a solid foundation for

August 8, 2024 • By Addis Insight
NBE Opens Applications for Independent Forex Bureaus in Ethiopia
Business

NBE Opens Applications for Independent Forex Bureaus in Ethiopia

Addis Ababa, Ethiopia – August 8, 2024 – The National Bank of Ethiopia (NBE) has officially commenced the acceptance of applications for Independent Foreign Exchange Bureaus, as per the newly instituted Foreign Exchange Directive (FXD/01/2024) that became effective on July 29, 2024. This marks a significant step towards liberalizing the country’s foreign exchange market. Under

August 8, 2024 • By Addis Insight
Ethiopian Oil Supply Company to Receive $670 Million from National Bank of Ethiopia
Business

Ethiopian Oil Supply Company to Receive $670 Million from National Bank of Ethiopia

It has been announced that the Ethiopian Oil Supply Company, which buys and supplies the fuel the country needs from abroad, will receive 670 million dollars from the National Bank of Ethiopia for its payment obligations until sufficient foreign exchange capacity is built. In addition, the National Bank will provide foreign currency to local banks

August 7, 2024 • By Addis Insight