Business

Federal High Court Lifts Ban on 21 EFFORT-Managed Organizations

The Federal High Court has lifted the ban on 21 organizations under the Tigray Rehabilitation Endowment Fund (EFFORT). The court also ordered that the responsibility of Commercial Nominees Limited Liability Company, which has been temporarily managing the companies, be revoked. The decision was made on July 28, 2023, at a hearing held by the 1st

August 1, 2023 • By Addis Insight

Business

ICJ and Kazana Group Launch 3rd Round of Open Pitch Competition for Ethiopian Startups

Inclusion Japan (ICJ), a Tokyo-based venture capital firm, and Kazana Group, an Ethiopian-based holding company, have announced the launch of their third round of open pitch competition for startups in Ethiopia. The competition, which will be hosted at the ALX Tech Hub on August 15, 2023, provides local entrepreneurs with a chance to secure funding

August 1, 2023 • By Addis Insight

Business

Laureate Dr. Melaku Worede, Pioneer of Biodiversity Conservation, Passes Away

The Ethiopian Biodiversity Institute (EBI) announced today the passing of Dr. Melaku Worede, the institute’s founder and former chief. Dr. Worede was a world-renowned biodiversity researcher who made significant contributions to the establishment of indigenous crops and plants seed banks and biodiversity conservation centers in Ethiopia and other countries. Dr. Worede was born in Ethiopia

July 31, 2023 • By Addis Insight

Business

World Bank President to Visit Ethiopia

Ajay Banga, the new president of the World Bank, will pay an official visit to Ethiopia from July 31 to August 1. During his visit, Banga is scheduled to meet with Prime Minister Abiy Ahmed, Finance Minister Ahmed Shide, and National Bank Governor Mamo Mehretu. He will also meet with African Union Commission Chairman Musa

July 28, 2023 • By Addis Insight

Uncategorized

70.6% of Addis Ababa 8th Graders Pass Exam

The Addis Ababa City Administration Education Office announced today that the results of the 2015 8th grade city-wide exam have been announced. The passing score for regular students is 50%, while students with physical disabilities need to score 45% to pass. A total of 73,385 students took the exam this year, and 70.6% of them

July 28, 2023 • By Addis Insight

Uncategorized

Ethiopian Universities Reorganized to Focus on Specific Areas of Study

Ethiopian Public Universities to Be Reorganized The Ethiopian Ministry of Education has announced that public universities across the country will be reorganized into three categories based on their mission and focus. The first category will be research universities, which will focus on conducting cutting-edge research in a variety of fields. The second category will be

July 28, 2023 • By Addis Insight

Business

Ethiopia and World Bank Sign $400 Million Financing Agreement

July 27, 2023 The Government of the Federal Republic of Ethiopia and the World Bank signed a Financing Agreement amounting to a total of 400 million US Dollars The Ministry of Finance and the World Bank virtually signed a Financing Agreement amounting to a total of US$ 400 million (approximately ETB 21.8 Billion) of which

July 27, 2023 • By Addis Insight

Business

CBE Soars to 1.1 Trillion Birr in Deposits, Surpasses Target by 18.3%

Commercial Bank of Ethiopia (CBE) has announced that it has made a remarkable achievement in the 2015 Ethiopian fiscal year, with its deposits soaring to an astounding 1.1 trillion birr. This groundbreaking milestone accounted for half of all deposits mobilized within the banking industry. Over the course of the fiscal year, a staggering 163.2 billion

July 26, 2023 • By Addis Insight

Business

Telebirr Transactions Soar 22.6 Folds to 679.2 Billion Birr

Ethio Telecom’s mobile money platform, Telebirr, has seen its transactions soar 22.6 folds to 679.2 billion birr ($2.8 billion) in the latest year. This growth was driven by a number of factors, including the expansion of the platform’s acceptance at merchants and the increasing use of Telebirr for bill payments and money transfers. Telebirr now

July 24, 2023 • By Addis Insight

Business

M-Pesa to Launch in Ethiopia in September, Boosting Financial Inclusion

Safaricom, the Kenyan mobile network operator, is set to launch its M-Pesa mobile money service in Ethiopia in September 2023. The launch of M-Pesa in Ethiopia is a major milestone for Safaricom, as it will give the company a significant foothold in the country’s rapidly growing mobile money market. M-Pesa is a mobile-based money transfer

July 24, 2023 • By Addis Insight