Business

Equal Exchange Ethiopia Government’s plan to align official and black market dollar rates

Ethiopia is taking steps to address the widening gap between the official and black market exchange rates for the U.S. dollar. The government has established a committee made up of representatives from various sectors, including the National Bank of Ethiopia. This move comes as the official exchange rate for one dollar is at 54 birrs,

January 10, 2023 • By Addis Insight

Business

Kazana Fund launches an Angel Syndicate to invest in African founders

Kazana Fund announces the launch of its Angel Syndicate. This milestone is a major move for Kazana Fund on its mission to democratize access to capital and network for exceptional African founders and accelerate the growth of Africa’s digital economy. “We aim to build wealth through innovation and startups in the continent starting from Ethiopia. We

January 2, 2023 • By Addis Insight

Business

Safaricom Ethiopia Expands Network Footprint to 21 Cities Across the Country

Safaricom Ethiopia has announced the expansion of its network and services to five new cities in December 2021: Hawassa, Assela, Jigjiga, Sodo, and Dilla. This expansion brings Safaricom Ethiopia’s current network footprint across the country to 21 cities, including Dire Dawa, Harar, Haramaya, Adama, Bahir Dar, Bishoftu, Mojo, Debre Birhan, Awoday, Gondar, Addis Ababa, Sebeta,

December 28, 2022 • By Addis Insight

Business

Ethiopia’s Government Cracks Down on Illegal Money Laundering Ring: Over $20 Million Illegally Raised

 The Financial Security Service announced that it would ban money laundering of more than $20 million raised illegally.  The Financial Security Service (FS) has noticed that various individuals have been engaged in illegal activities of opening foreign currency accounts and Diaspora accounts in domestic banks.  So far, 85 individuals have been involved in the investigation

December 27, 2022 • By Addis Insight

Business

Tewolde Gebremariam to Play Key Role in Potential Sale of Kenya Airways to Delta Airlines

The Kenyan delegation, led by President William Ruto, recently met with officials from Delta Airlines in Washington to discuss a potential sale of Kenya Airways, the national carrier of Kenya. Tewolde Gebremariam, the former Group CEO of Ethiopian Airlines, who is now a senior strategy adviser for Delta, was also present at the meeting. Gebremariam

December 26, 2022 • By Addis Insight

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