Business

Chinese companies to develop new industrial park in Ethiopia

ADDIS ABABA, Aug. 11 (Xinhua) — The Ethiopian Investment Commission (EIC) on Wednesday signed an agreement with China’s WODA Metal Industry Private Limited Company (PLC) and its partners to build an industrial park in Ethiopia. The agreement involves the upgrading of the WODA Metal Industry PLC into WODA Industrial Park with an outlay of 95

August 12, 2022 • By Addis Insight

Business

Ethiopia completes third round water filling of the Great Ethiopian Renaissance Dam

It has been announced that the third round of water filling of the Great Ethiopian Renaissance Dam has been completed and water has started to flow on top of the dam. Following the completion of the 3rd round of water filling of the dam, senior government officials including Prime Minister Abiy Ahmed and Deputy Prime

August 12, 2022 • By Addis Insight

Business

Impact of the Russia-Ukraine war on Ethiopia

By- Seneshaw Tamru and Tewodros Makonnen Gebrewolde The conflict in Ukraine and the subsequent sanctions against Russia triggered price increases of key commodities with far-reaching impacts on welfare, production, and economic growth for developing countries, including Ethiopia. Economic sanctions were imposed on Russia by the US and EU to deter Russia from further escalating the

August 8, 2022 • By Addis Insight

Business

New Ethiopian Airlines chief aims for near-doubling of fleet under 2035 roadmap

Recently appointed Ethiopian Airlines chief executive Mesfin Tasew has embraced the ‘Vision 2035’ roadmap introduced by his predecessor Tewolde GebreMariam in 2019, as he aims to keep the carrier on an aggressive growth path. Speaking during July’s Farnborough air show, Tasew says the roadmap is “tailored around fast, profitable, sustainable growth” and will involve a

August 7, 2022 • By Addis Insight

Business

Ethiopian Airlines orders Africa’s first A350-1000

Addis Ababa, Ethiopia 28 July 2022 – Ethiopian Airlines Group, the flag carrier of Ethiopia, Africa’s largest airline group, has upsized four of its A350-900 on order to the largest variant of the A350 Family, the A350-1000, becoming Africa’s first customer for the aircraft. Ethiopian Airlines has already ordered 22 A350-900s, of which 16 aircraft have been delivered. With the

July 28, 2022 • By Addis Insight

Business

The total assets of the Commercial Bank of Ethiopia reached 1.2 trillion birr

Abe Sano, the bank’s president, announced that the total assets of the Commercial Bank of Ethiopia have reached 1.2 trillion birr. It is understood from the report submitted by the president of the bank that the Commercial Bank of Ethiopia, which is conducting the evaluation of the performance of the work plan for the 2014

July 28, 2022 • By Addis Insight

Business

Ethio Telecom earned 61.3 billion birr in the current fiscal year.

Ethio Telecom earned 61.3 billion birr in the current fiscal year.Mrs. Frehiwot Tamru stated that Ethio Telecom earned 61.3 billion birr in the fiscal year 2022. The CEO of Ethio Telecom said that the revenue compared to the plan is 87.6% and compared to the same period of last year, it is an increase of

July 28, 2022 • By Addis Insight

Business

Ethiopia and Kenya signed an agreement on the sale of electricity

Ethiopia and Kenya have signed an electricity sales agreement today. The agreement was signed by the Minister of State for Finance, Dr. Ayob Tekelani and the President of Kenya, Uhuru Kenyatta. According to Dr. Ayob in his social media page, the agreement allows Ethiopia to sell 200 megawatts of electricity to Kenya. He also pointed

July 26, 2022 • By Addis Insight

Business

Ignore  BBC’s  Report  on  Debt  Crisis:  Borrow  from  the  West  Like  There  is  No  Tomorrow

Yonas  Biru,  PhD This  is  a  back  of  the  envelop  analysis  on  international  debt  to  show  BBC’s analysis of Ethiopia’s debt crisis  is  rubbish.  Our  intellectuals  are  better  advised  to  spend  their  energy  in  making  sure the  loans  in  question  are  used  properly  rather  than  doing  their  #NoMore  አቶቶ ቡቱቶ on  US  and European  streets.

July 26, 2022 • By Addis Insight

Business

Ethiopia records more remittances from diaspora

Ethiopian diaspora remittances reached 4.2 billion U.S. dollars during the Ethiopian 2021/2022 fiscal year that ended on July 7, said authorities. Mohammed Idris, the deputy director of the Ethiopian Diaspora Agency, said Friday that the remittances recorded during the past fiscal year exceeded the target set for the period by 200 million U.S. dollars.The Ethiopian

July 23, 2022 • By Addis Insight