Business

Ethiopian Airlines to Launch Five New International Destinations, Including Australia, This Fiscal Year

Ethiopian Airlines, Africa’s largest aviation group, is set to expand its international reach by adding five new flight destinations in the current fiscal year, including plans to fly to Australia within the next two years, according to the airline’s Chief Executive Officer. This move is part of the airline’s ongoing efforts to strengthen its global

October 2, 2024 • By Addis Insight

Business

National Bank of Ethiopia Grants Licenses to Five Non-Bank Foreign Exchange Offices

Addis Ababa, September 30, 2024 — The National Bank of Ethiopia (NBE) has officially granted operating licenses to five independent, non-bank foreign exchange bureaus. This move is part of the NBE’s strategy to expand foreign exchange services and improve access to foreign currency transactions across the country. The NBE recently issued a directive to promote

October 2, 2024 • By Addis Insight

Business

Dr. Emebet Melese Takes Charge as President of the Ethiopian Development Bank

Dr. Emebet Melese was appointed as the President of the Ethiopian Development Bank. It has been reported that Dr. Emebet Melese, who was recently appointed as the President of Nib Bank, has now been appointed as the President of the Ethiopian Development Bank. According to a letter written by the Minister of Finance on September

October 2, 2024 • By Addis Insight

Business

Commercial Bank of Ethiopia Introduces VAT on Financial Services Amid World Bank-Supported Bailout

The Commercial Bank of Ethiopia (CBE) has introduced value-added tax (VAT) on various financial services as part of its efforts to comply with the government’s new tax laws and raise revenue. The VAT increase, effective from October 1, 2024, is linked to broader economic reforms impacting Ethiopia’s financial sector. This move comes at a critical

October 1, 2024 • By Addis Insight

Business

Ethio Telecom Announces New Tariff Adjustments Effective Tomorrow

Ethio Telecom, the state-owned telecom provider, has announced that tariff adjustments for certain products and services will take effect starting tomorrow, Meskerem 21, 2017 E.C. (October 1, 2024). According to the company, the upcoming price revisions are structured in a way that will not impact the majority of the population. Ethio Telecom also emphasized that

September 30, 2024 • By Addis Insight

Uncategorized

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