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Category: Business

Purpose Black Makes 1 Billion Birr Advance Payment for BGI Ethiopia’s Headquarters
Business

Purpose Black Makes 1 Billion Birr Advance Payment for BGI Ethiopia’s Headquarters

Purpose Black claims that it has won the bid to purchase the main office building of BGI Ethiopia in order to construct ‘Farmer’s Tower’. According to the firm, an advance payment of 1 billion birr was made. Purpose Black Ethiopia announced that it won the BGI Ethiopia head office building in a competition to develop

July 15, 2023 • By Addis Insight
Addis Ababa City Council Approves 140.2 Billion Birr Budget
Business

Addis Ababa City Council Approves 140.2 Billion Birr Budget

On Sunday, July 9, 2023, the Addis Ababa City Council approved a budget of 140.2 billion birr for the city in its second regular meeting. This budget is for the 2023/2024 fiscal year, which started on July 9, 2023. The budget was approved by a majority vote of 87 in favor and two abstentions after

July 11, 2023 • By Addis Insight
Foreign Companies to Receive Foreign Currency Guarantees for Key Projects in Ethiopia
Business

Foreign Companies to Receive Foreign Currency Guarantees for Key Projects in Ethiopia

The National Bank of Ethiopia has made a decision to allow foreign currency guarantees for foreign companies engaged in joint ventures with government or private companies on key or strategic projects. This will enable these companies to repatriate their profits in foreign currency and easily pay off loans taken from foreign financial institutions for their

July 5, 2023 • By Addis Insight
Ethiopian Shipping and Logistics Celebrates the Arrival of its Largest Vessel, MV Abbay II
Business

Ethiopian Shipping and Logistics Celebrates the Arrival of its Largest Vessel, MV Abbay II

Ethiopian Shipping and Logistics (ESL) welcomed its newest and largest vessel, MV Abbay II, to its home port at Djibouti port. The Ultramax bulk carrier has a capacity of nearly 64,000 DWT and was commemorated in a ceremony attended by senior government, port, and logistics officials from Djibouti and Ethiopia. Wondwossen Kassa (Cap), Deputy CEO

July 3, 2023 • By Addis Insight
Mobile money could add $5.3 billion to Ethiopia’s GDP
Business

Mobile money could add $5.3 billion to Ethiopia’s GDP

Monday 3 July, 2023 | Central Insights | Mobile for Development Today GSMA launched its new report Mobile Money in Ethiopia: Advancing financial inclusion and driving growth. The much-anticipated liberalization of the telecoms market is presenting an opportunity to advance economic development in the country, including the financial inclusion of underserved populations via mobile money.   In this study, we

July 3, 2023 • By Addis Insight
Ethiopia’s Request to Join BRICS is a Sign of Desperation, Not of Strategy
Business

Ethiopia’s Request to Join BRICS is a Sign of Desperation, Not of Strategy

Yonas Biru, PhD Ethiopian intellectuals are half tribalized and half hermitized. They are driven by the emotional diktats of centuries past and Gadda this, Axum that, and Lalibela ኡኡ cacophony. They are, therefore, unfit to comprehend the nation’s geo-political challenges and opportunities. Ethiopia’s application to join BRICS is partially attributable to this phenomenon. Let me

July 1, 2023 • By Addis Insight
Biden Administration Lifts Human Rights Violations Designation for Ethiopia: Unblocking Major IMF Program
Business

Biden Administration Lifts Human Rights Violations Designation for Ethiopia: Unblocking Major IMF Program

According to an internal U.S. Treasury Department notification, the Biden administration has informed Congress that Ethiopia is no longer engaging in a “pattern of gross violations of human rights.” This decision will allow the U.S. and international economic aid to resume being sent to Ethiopia. The move comes as Washington seeks to improve its relationship

June 29, 2023 • By Addis Insight
Telecom Industry Veteran Wim Vanhelleputte to Lead Safaricom Ethiopia as New CEO
Business

Telecom Industry Veteran Wim Vanhelleputte to Lead Safaricom Ethiopia as New CEO

Safaricom PLC has announced the selection of Wim Vanhelleputte as the newly appointed Chief Executive Officer of Safaricom Telecommunications Ethiopia PLC, effective from September 1, 2023. According to the company’s social media posts, Wim brings a wealth of leadership experience and extensive industry knowledge, having dedicated over 25 years to the telecommunications sector across various

June 28, 2023 • By Addis Insight
Ethio Telecom, Tecno Mobile Sign a Strategic Partnership Towards Increasing Smartphone Penetration 
Business

Ethio Telecom, Tecno Mobile Sign a Strategic Partnership Towards Increasing Smartphone Penetration 

ADDIS ABABA, ETHIOPIA June 23, 2023 – Ethio Telecom, TECNO Mobile Limited, and Transsion Manufacturing PLC today signed a Memorandum of Understanding (MoU) for a tripartite strategic partnership agreement to combine expertise and resources towards increasing smartphone penetration and affordability, and thereby improve 4G and 5G adoption/usage in Ethiopia.  Ethio Telecom signed a strategic partnership memorandum

June 24, 2023 • By Addis Insight