Business

Ethiopia brings new opportunities to the United States with the creation of 1600 jobs

WASHINGTON –On Thursday, the Board of Directors for the Export-Import Bank of the United States’ (EXIM) unanimously approved two transactions totaling more than $688 million. These transactions will create thousands of American jobs and bolster U.S. support of exports to the United Kingdom and Ethiopia. The Board’s first transaction guarantees $281 million from the Private Export Funding Corporation (PEFCO)

December 23, 2022 • By Addis Insight

Business

Fitch Downgrades Ethiopia to ‘CCC-‘; Removes From UCO

Fitch’s proprietary SRM assigns Ethiopia a score equivalent to a rating of ‘CCC+’ on the Long-Term Foreign-Currency IDR scale. However, in accordance with its rating criteria, Fitch’s sovereign rating committee has not utilised the SRM and QO to explain the ratings in this instance. Ratings of ‘CCC+’ and below are instead guided by the rating

December 20, 2022 • By Addis Insight

Business

Commercial Bank of Ethiopia (CBE) has resumed services in Shire, Alamata and Korem

Commercial Bank of Ethiopia (CBE) has resumed services in Shire, Alamata and Korem following the recent peace agreement. The bank noted that it was also forced to suspend banking services due to instability in northern Ethiopia. Following the recent peace agreement, the branches in Shire, Alamata and Korem towns have started receiving and depositing foreign

December 19, 2022 • By Addis Insight

Business

Its Official : Ethiopian Airlines Announced As Partner For Nigeria Air

The Nigerian Government announced that Ethiopian Airlines, Africa’s most prominent air carrier, was selected as a strategic partner and 49% shareholder of Nigeria Air. A breakdown of stakes showed that Ethiopian Airlines would own 49 % equity, the federal government would control 5 % equity, while a consortium of three Nigerian investors, MRS, SAHCO, and other institutional investors

September 29, 2022 • By Addis Insight

Business

Ethiopia cancels gas, oil exploration contract with Chinese firm

ADDIS ABABA, Ethiopia Ethiopia has canceled its contract with a Chinese company exploring oil and gas in the country since 2013, the government announced on Wednesday. Takele Uma, Ethiopia’s minister of mines and petroleum, said the deal with Chinese firm Poly-GCL was called off because of its “financial and organizational inability” to develop gas in

September 22, 2022 • By Addis Insight

Business

Nigeria Set To Choose Ethiopian Airlines As Core Investor Of New Flag Carrier

Nigeria has confirmed that Ethiopian Airlines has been chosen as the core investor and partner for the country’s new flag carrier. Nigeria Air has been in the works for a while now and has slowly been approaching a full launch, pending support from partners. Ethiopian is Africa’s largest carrier and has shown a willingness to

September 19, 2022 • By Addis Insight

Business

TPLF announced a separate ceasefire

The Government of Tigray’s Stance on a Peaceful Resolution of the Current Conflict Today, September 11, 2022, Ethiopians in and outside the country are celebrating the advent of the New Year. It is the Government of Tigray’s solemn desire to see Ethiopians in general and the people of Tigray in particular to no longer hear

September 11, 2022 • By Addis Insight

Business

Council of Ministers approved the opening up of the banking sector to foreign investors

Today, in the 13th regular meeting held by the Cabinet of Ministers, the draft policy to open up the banking sector to foreign_investors was discussed and decided to be put into effect.   The draft policy that was proposed to councils of ministers lifts the restriction of the opening up of the banking sector to

September 3, 2022 • By Addis Insight

Business

The first research document that informs the amount of reserves of natural gas and crude oil in Ethiopia has been released

The first research document that informs the amount of reserves of natural gas and crude oil in Ethiopia has been released The first scientific study that informs the actual amount of crude oil and natural gas reserves in Ethiopia and suggests how to extract them has been released. Ministry of Mines Engineer Takele Uma said

August 26, 2022 • By Addis Insight

Business

Ethiopia expects IMF visit in September – Finance Minister official

LONDON (Reuters) – Ethiopia expects an IMF mission to visit in September, following a visit by the Fund three months ago, a finance ministry official said on Tuesday, noting that an IMF program was necessary to restructure its debt. Ethiopia expects an IMF mission to visit in September, following a visit by the Fund three

August 23, 2022 • By Addis Insight