Business

5.6 billion birr steel factory inaugurated in Dukem

The 450,000-square-meter steel melt factory in Dukem town of Oromia State was inaugurated today. The inauguration ceremony was attended by Oromia Regional State Head of State Shimeles Abdissa, Minister of Mines Engineer Takele Uma, religious leaders and other senior officials. The factory was built at a cost of 5.6 billion birr.When fully operational, the factory

June 11, 2022 • By Addis Insight

Business

Addis Ababa the second most expensive city in Africa

A report released by Statista in 2022, showed that Kampala is the most expensive city to live in in the East African region. Dakar city in Senegal ranked as the most expensive in Africa owing to the high prices of consumer goods as of 2022. Here is a list of 15 most expensive cities in

June 10, 2022 • By Addis Insight

Business

Ethiopia stripped its 19% stake at Berbera Port

Following Ethiopia’s failure to meet Somaliland government’s request it lost its 19% stake in the port of Berbera. According to the Somaliland Ministry of Finance, the Ethiopian government has been stripped of its ownership for failing to meet its ownership requirements on time. According to the Minister, one of the preconditions was fund contribution in

June 9, 2022 • By Addis Insight

Business

Why Banning Cryptocurrencies in Ethiopia Is a Right Move

By- Lewoye Bantie Cryptocurrency (crypto) is defined as a decentralized digital currency intended to be used in buying or selling goods and services. Cryptocurrency is currently at the frontier of financial development. It provides both opportunities and risks in financial markets and has attracted significant attention in recent years. Accordingly, the number of market players

June 9, 2022 • By Addis Insight

Business

India’s Arvind Limited cutting down its garment production capacity in Ethiopia

India’s Arvind Limited is gradually cutting down its garment production capacity in Ethiopia with uncertainty looming over renewal of the US African Growth and Opportunity Act (AGOA). The company, however, has earmarked ₹200 crore for capacity augmentation in its advanced material division and garmenting businesses, and cost optimisation projects for fabric business during fiscal 2022-23.

June 8, 2022 • By Addis Insight

Business

National Bank of Ethiopia grants license to 8 new banks

National Bank of Ethiopia announces licenses to eight new banks Fraser Ayalew, Director of  Banking Control at the National Bank of Ethiopia said several banks are applying for licenses following the ongoing reforms in the financial sector. He recalled that the National Bank of Ethiopia (NBE) has increased the minimum capital required to establish a

June 8, 2022 • By Addis Insight

Business

The Federal Government has allocated 12 billion birr to Tigray State

The Federal Government has allocated 12 billion birr to Tigray State out of the total budget allocation for the states for 2015. Out of the total 786 billion birr budget presented for the 2015 fiscal year, 71 billion birr for Oromia, 44 billion birr for Amhara, 26.5 billion birr for southern nations, nationalities and peoples,

June 8, 2022 • By Addis Insight

Business

The 2022 Draft Budget focuses on debt relief, reconstruction of war-torn infrastructure,

The 2022 Draft Budget focuses on debt relief, reconstruction of war-torn infrastructure, humanitarian assistance to the victims and national security: Ahmed Shede Addis Ababa: May 30, 2014 (FBC) The 2015 Federal Government Draft Budget has been prepared with a focus on debt relief, reconstruction of war-damaged infrastructure, providing humanitarian assistance to the affected people and

June 7, 2022 • By Addis Insight

Business

World Bank pledges $ 195 million to support health sector in Ethiopia

The World Bank has provided $ 195 million to support the health sector in Ethiopia and to provide CV-19 vaccine to its citizens. Funding will also support Ethiopia’s efforts to make CV-19 vaccines available nationwide and rehabilitate conflict-affected public health facilities. In addition to helping the underprivileged health system in Ethiopia, the current funding will

June 7, 2022 • By Addis Insight

Business

Transport tariff reform to be implemented in the capital

Transport tariff reform to be implemented in the capital tomorrow Addis Ababa: May 30, 2014 (FBC) The Addis Ababa Transport Bureau announced that it has revised its transport service tariff. The tariff increase is said to be in line with global oil prices. According to Yirgalem Berhane, Deputy Head of the Addis Ababa City Administration

June 7, 2022 • By Addis Insight