Business

African Development Bank Withdraws International Staff from Ethiopia Amid Security Concerns

Date: December 19, 2023 The African Development Bank (AfDB) has announced the immediate withdrawal of all its international staff from Ethiopia, citing severe security incidents and breach of diplomatic protocol. In an internal memorandum dated December 19, 2023, Dr. Akinwumi A. Adesina, President of the AfDB, expressed deep concern over the recent unlawful arrest and

December 20, 2023 • By Addis Insight

Business

Fitch Downgrades Ethiopia to “C”: Missed Bond Payment Triggers Default Warning

Fitch Ratings agency dealt a harsh blow to Ethiopia’s already troubled economy on Thursday, downgrading its credit rating further into junk territory and warning of a heightened risk of default. This comes as the East African nation grapples with the fallout of a devastating civil war and struggles to meet its financial obligations. The trigger

December 14, 2023 • By Addis Insight

Business

Unleash the Power of Infinix HOT 40: Elevate Your Mobile Experience!

Are you looking for a new smartphone that can handle your gaming needs and more? If so, you might want to check out the infinix HOT 40, the latest and greatest device from infinix. This phone is packed with amazing features that will blow your mind and make your gaming experience smoother than ever. Let

December 14, 2023 • By Addis Insight

Business

itel Announces its Rebranding Initiative: Redefining Smart Life Service in Emerging Markets Including Ethiopia 

Addis Ababa, Ethiopia December 5, 2023 – itel, the global leading smart life brand committed to providing quality consumer electronic products, is thrilled to announce a monumental shift in its rebranding logo and brand identity, and rewriting the playbook on which it means to live the smart life.  As part of its commitment to cater to

December 5, 2023 • By Addis Insight

Business

Awash Bank Records a 9.8 Billion Birr Profit in a Challenging Year

In a challenging global economic environment marked by the ongoing impact of the Russia-Ukraine war and the aftermath of the COVID-19 pandemic, Ethiopia’s Awash Bank has reported a significant rise in profits for the financial year 2022/23. The announcement was made during the bank’s 28th annual general meeting, hosted at the Skylight Hotel on November

November 28, 2023 • By Addis Insight

Business

Elevating Ethiopian Flavors: Marcus Samuelsson Set to Open Marcus Addis on Addis Ababa’s Skyline

Chef Marcus Samuelsson, an eminent figure in the culinary world, renowned for his unique blend of multicultural influences, is poised to unveil his latest gastronomic venture, Marcus Addis. This new restaurant is strategically located on the 46th floor of the Commercial Bank of Ethiopia building in Addis Ababa, with a grand opening scheduled for December

November 20, 2023 • By Addis Insight

Business

Ethiopian Airlines Boosts Fleet with Additional 11 Airbus A350s, Strengthening Its Market Dominance

Dubai, November 15, 2023 – Ethiopian Airlines Group, the leading carrier of Ethiopia, has enhanced its fleet capabilities by signing a memorandum of understanding (MoU) for 11 more Airbus A350-900 aircraft. This agreement, announced at the Dubai Airshow, boosts Ethiopian Airlines’ total Airbus A350 orders and commitments to 33, including four A350-1000s, solidifying its status

November 16, 2023 • By Addis Insight

Business

Ethiopia Secures Landmark Agreement for Debt Suspension and Eurobond Restructuring

In a significant move to alleviate its economic challenges, Ethiopia has secured an agreement with its bilateral creditors for a temporary suspension of debt services. This development comes as the country prepares to negotiate the restructuring of a $1 billion Eurobond due next year. Facing pressures like double-digit inflation, currency shortages, and increasing debt repayments,

November 16, 2023 • By Addis Insight

Business

Mohammed Al Amoudi’s Net Worth Surges 62% to $8.5 Billion in 30 Days

Ethiopian oil tycoon Mohammed Al Amoudi, recognized as one of Africa’s wealthiest individuals, has witnessed a substantial increase in his fortune. In just a month, his net worth skyrocketed by 61.9%, reaching $8.5 billion. This growth, tracked by Bloomberg, began in mid-October 2023 from a baseline of $5.24 billion, culminating in a $3.25 billion boost

November 16, 2023 • By Addis Insight

Business

USAID Resumes Food Assistance in Ethiopia Following Significant Reforms

In a major step towards humanitarian aid reform, the United States Agency for International Development (USAID) announced the resumption of food assistance across Ethiopia starting next month. This decision comes after months of diplomatic engagement and negotiations led to major reforms in Ethiopia’s food assistance structure. Jessica Jennings, a spokesperson for USAID, highlighted the United

November 15, 2023 • By Addis Insight