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Local MFI named Finalist at a European Finance Award

The European Microfinance Award, an annual award given to innovative organizations active in financial services worldwide, has named Buusaa Gonofa, a microfinance institution in Oromia Regional State, as of one of the finalists for the 2020 European Microfinance Award. Buusaa, who was selected in recognition for its work in encouraging effective and inclusive saving, will

October 8, 2020 • By Addis Insight

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Federal Government Cuts ties, Budget Subsidies

The House of Federation (Hof) decided to stop any relationship the federal government has with the Tigray regional state assembly and the region’s highest executive body. The Federation that also cut budget subsidies to the state banned all federal institutions from sending letters and information to Tigray’s higher executive bodies, providing support to their institutions

October 7, 2020 • By Addis Insight

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Agency to Usher in a New HQ

The  Federal Documents Authentication and Registration Agency (DARA) is set to build a new headquarter at the cost of 1.6 billion birr. The 25-story building that will be built by Ethiopian Construction Works Corporation will rest on a 2758 sqm plot of land located in front of Mexico square. When completed in the next four

October 6, 2020 • By Kaleab Girma

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Bringing Home the Money: 14 Billion Br Down, 99 Billion more to Go

The National Bank of Ethiopia (NBE) disclosed that in the first 14 days since the new currency change was commenced, 14 billion birr that was previously circulating outside banking institutions had been deposited while 580 thousand new bank accounts were opened as of October 3, 2020. Yinager Dessie (Ph.D.), governor of the Bank, who gave

October 5, 2020 • By Kaleab Girma

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Ethiopian Ministers Dominate Leadership Awards

Two Ethiopian ministers Melaku Alebel, Minister for Ministry of Trade and Industry, and Ahmed Shide, Minister of Finance, scooped leadership awards from The African Leadership magazine, a UK based magazine that highlights African stories. Melaku won the African Business Leadership Award of the Year 2020. The award was given to the minister to recognize his

October 2, 2020 • By Addis Insight

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U.S. Prosecutor Rule Death Of Ethiopian American as Suicide

In New Jersey, USA, the Prosecutor of Morris County announced that the death of Ethiopian American man Amanuel Tamrat, whose body was found hanging on a tree in a park on June 28, was a suicide. The investigation came after Black Lives Matter, a protest against police brutality and racial violence against black people, sent

October 1, 2020 • By Addis Insight

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Nation to Get its First DNA Bank

The Ethiopian Biotechnology Institute, with the major goal of storing the genetic information of biological life found in Ethiopia, is set to establish a DNA bank at the cost of around 25 million dollars.  The DNA bank that will be the first of its kind will secure and store analyzed genetic information of microbes, plants,

October 1, 2020 • By Kaleab Girma

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Agency Bags 55 Billion in Profit

Twenty-one enterprises under the Public Enterprise Holding & Administration Agency earned 55 billion birr before tax in the last Ethiopian fiscal. The profit was obtained from the sale of 300.5 billion birr worth of products and services provided in the budget year, Beyene Gebremeskel, said director-general of the Agency. The Agency also secured 8.67 billion

September 30, 2020 • By Addis Insight

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Facebook Introduces Program To Support Small Businesses In Ethiopia

Summer Media, Addis Ababa-based media firm, has launched a program, “Boost with Facebook,” to provide free training for small businesses aiming to support their digital business expansion.The program, organized in partnership with Facebook, aims to train 1,500 small and medium enterprises (SMEs) across Ethiopia on using digital tools and technologies to reach new customers on

September 30, 2020 • By Addis Insight

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U.S. Extends Military Support to Ethiopia

The United States Department of Defense provided 2.9 million dollars’ worth of training and equipment to the Ethiopian National Defense Forces (ENDF) to support Ethiopia’s effort to disrupt the threats posed by al-Shabaab, a jihadist fundamentalist group in Somalia and other terrorist organizations. The support that aims to strengthen the capacity ENDF includes land cruisers,

September 29, 2020 • By Kaleab Girma