Following a public sector-led growth model, Ethiopia recorded robust real GDP growth, averaging 10.2% per annum during 2005-2019. However, by 2019, the model started showing its limits, even before the domestic conflict, the COVID-19 pandemic and the Russia-Ukrain war. Real GDP growth decelerated to 8.4% in 2019 and 6.4% in 2022; inflation rose from 5.2% […]
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 […]
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 […]
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 […]
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 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 […]
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, 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 (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.
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 […]
