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

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

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

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

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

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