Ethiopian Shipping Lines announced it has earned an income of 13.06 billion birr in the first quarter of the current fiscal year. IESL generated 13.06 billion birr in income while incurring operational and administrative costs of 11.12 billion birr. As a result, the company secured a profit before tax of 1.937 billion birr for the […]
CBE Announces New Tariff for Banking Services
The Commercial Bank of Ethiopia (CBE), the nation’s largest bank, has introduced a comprehensive tariff guide for its wide array of banking products and services. This tariff guide encompasses various categories, including deposit accounts, transfer services, bill payments, cheque books, safe deposit boxes, digital banking, international banking, and credit services. The tariff shows the interest […]
Ethiopia and EU Launch New Cooperation Framework
The Ethiopian government and the European Commission have jointly launched the EU’s Multiannual Indicative Programme (MIP) for the period 2024-2027. The MIP will provide EUR 650 million in grant funding to support development programs focused on three priority areas: Green Deal, Human Development, and Governance and Peace. The program is aimed at improving the living […]
Postal Development Linked to Economic Growth, Ethiopia Recognized as Leader
The Universal Postal Union (UPU) recently released its State of the Postal Sector report, which examines the relationship between postal development and national economic growth. The report emphasizes the crucial role of postal services in sustaining economic performance and calls for collaborative efforts and investments from governments and stakeholders to foster the growth of the postal sector.
Ethiopian Securities Exchange Secures 25% Capital and Appoints Founding Board Members
Ethiopian Investment Holdings (EIH), along with its four subsidiary companies, has entered into an agreement to become the founding members of the Ethiopian Securities Exchange (ESX) Share Company. This marks a significant milestone in the advancement of Ethiopia’s capital markets, with the ESX is expected to launch in 2024. The ESX is being established as […]
Ethiopia’s National Bank Paves the Way for Strategic Foreign Investments
The National Bank of Ethiopia (NBE) has taken a bold step to attract strategic investors and bolster foreign currency reserves with Directive No. FXD/86/2023. This groundbreaking move aims to lure investments across vital sectors, promoting public goods and fostering foreign currency inflows. Under the directive, strategic foreign direct investment projects encompass power generation, infrastructure, and […]
Opera Launches Free Data Campaign in Ethiopia in Partnership with Safaricom
Opera, a web browser company, has announced the launch of its free data campaign in Ethiopia. This initiative comes as part of Opera’s commitment to increasing internet accessibility across Africa and is made possible through a partnership with Safaricom, a recent entrant into the Ethiopian market.
British International Investment and FMO Partner to Inject $40 Million into Dashen Bank for Ethiopia’s Agricultural Sector Boost
British International Investment (BII), the UK’s Development Finance Institution (DFI), and FMO, the Dutch entrepreneurial development bank, have jointly pledged $40 million to Dashen Bank . This substantial financial support is aimed at catalyzing Ethiopia’s agricultural sector and facilitating access to essential foreign exchange within the country.
NBE Introduces New Forex Retention Rules
The National Bank of Ethiopia (NBE) has announced a significant change in its forex policy to address the country’s rising inflation. The amount of forex that exporting firms can retain after exporting commodities has been increased from 30% to 50%. This measure is aimed at encouraging exporters, particularly those in the manufacturing sector, and is […]
Ethiopia Joins BRICS
The BRICS nations, united in their quest to enhance global influence, unveiled a significant development during their summit in Johannesburg on Thursday. They have extended an invitation to six new member nations, including Ethiopia, Iran, Argentina, Egypt, Saudi Arabia, and the United Arab Emirates. The official inclusion of these new candidates into the BRICS bloc […]
