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Chinese Investors Shift Operations to Neighboring Nations Due to Growing Challenges

Chinese investors, who have played a crucial role in Ethiopia’s economic development, are increasingly shifting their business operations to neighboring countries such as Kenya, Uganda, and Tanzania. With investments exceeding $5 billion across more than 2,000 projects, Chinese companies have been central to Ethiopia’s industrial growth. However, various obstacles have prompted many of these businesses

September 30, 2024 • By Addis Insight

Sport

Ethiopia’s Tigist Ketema and Milkesa Mengesha Capture Victory at 2024 Berlin Marathon

Ethiopian athletes once again asserted their dominance in long-distance running at the 2024 Berlin Marathon, with Milkesa Mengesha winning the men’s race and Tigist Ketema claiming an impressive victory in the women’s race. Both performances underscored Ethiopia’s unmatched talent on the global marathon stage. Mengesha Triumphs in Men’s Race Milkesa Mengesha, 24, set a personal

September 29, 2024 • By Addis Insight

Business

IMF and Ethiopia Reach Preliminary Agreement on $3.4 Billion Extended Credit Facility

Addis Ababa, Ethiopia – It was announced today that the International Monetary Fund (IMF) and the Ethiopian government have reached a preliminary agreement regarding an extended credit facility. In a statement released by the IMF, the organization confirmed that it has agreed to provide Ethiopia with $3.4 billion over four years as part of this

September 28, 2024 • By Addis Insight

Business

Ethiopia’s Largest Cement Factory, Lemi National, Opens with 150,000 Quintal Daily Capacity

Lemi, Ethiopia – Prime Minister Abiy Ahmed (PhD) has officially inaugurated the Lemi National Cement Factory in the Amhara region, the largest cement factory in Ethiopia. With a production capacity of 150,000 quintals of cement per day, the project represents a significant milestone in the country’s industrialization efforts. Speaking at the inauguration, Prime Minister Abiy

September 28, 2024 • By Addis Insight

Business

Addis Ababa City Administration Tightens Control on Building Permits and Setback Violations

The Addis Ababa City Administration’s Construction Permit and Control Authority has issued a strict warning to developers violating the city’s building regulations, specifically related to the implementation of the Setback Act. This move follows the city administration’s cabinet decision during its 14th regular meeting on June 18 th, 2024, where several measures concerning building construction

September 26, 2024 • By Addis Insight

Business

Unlocking Ethiopia’s Gemstone Potential: Haimanot Sisay’s Journey as the First Gemstone School Founder

Haimanot Sisay’s journey from studying computer science to becoming a pioneering gemologist in Ethiopia is a compelling tale of passion, perseverance, and the transformative power of education. With a background that includes working as a flight attendant for Ethiopian Airlines and establishing her own gemstone export business, Haimanot has not only carved a niche for

September 25, 2024 • By Addis Insight

Business

Ethiopia’s Government Considers Berbera Port for Fuel Imports as Djibouti Depot Faces Capacity Declines

The Ethiopian government is awaiting a decision regarding the importation of fuel through Berbera Port in Somaliland, a move prompted by ongoing issues with fuel distribution and service capacity at the Horizon Oil Storage Depot in Djibouti. The Horizon depot has seen a reduction in service capacity, leading to disruptions in the fuel supply chain

September 25, 2024 • By Addis Insight

Business

Zemen Bank Mobilizes Over $500 Million in Foreign Currency During 2023/24 Fiscal Year

Zemen Bank has announced that it successfully mobilized over $500 million in foreign currency during the 2023/24 fiscal year. The bank reported a total of $566 million in foreign exchange mobilization, a notable achievement amid ongoing economic challenges in Ethiopia’s financial sector. Tewahido Tafesse, Chief Strategy and Marketing Officer of Zemen Bank, shared the details

September 25, 2024 • By Addis Insight

Business

Car Fuel Queues in Addis Ababa: Not a Supply Issue

Recent observations at gas stations across Addis Ababa have raised concerns about fuel availability; however, officials assert that the long lines are not due to a supply problem. Director Getachew Amonne of the Petroleum Authority announced, “We have confirmed that the rally of gasoline trucks in Addis Ababa city is not related to supply.” He

September 24, 2024 • By Addis Insight

Business

The End of an Era: Ethio Telecom Phases Out Copper for High-Speed Fiber

Ethio Telecom has announced the launch of its “Copper Switch Off” service, aimed at modernizing wired broadband internet and data-based voice services by transitioning from copper lines to fiber optics. Frehiwot Tamru, the CEO of Ethio Telecom, presented the new service to media professionals, explaining that copper technology has been a cornerstone of the telecommunications

September 24, 2024 • By Addis Insight