Takele Uma (Engineer), Minister of Mines said Tuesday that his Ministry and the Ethiopian Investment Commission (EIC) discussed with owners of cement factories with regards to production and value chain problems they are facing. Mr. Takele said in a tweet that explanations have been made to the owners of cement factories regarding economic problems in…
Chinese President Xi Jinping announced Monday that China will further increase the scope of products enjoying zero-tariff treatment for the least developed countries (LDCs)—including Ethiopia having diplomatic relations with China, in a bid to reach $300 billion in total imports from Africa in the next three years. The pledge was made in Forum on China–Africa…
The National Bank of Ethiopia (NBE), the financial sector regulatory institution, has approved the appointment of five Vice Presidents (VPs) as per the request from Amhara Bank. NBE has given an approval for five senior VP appointments on its notification on Monday November 22. Following the approval, Amhara Bank assigned senior bankers, who came from…
According to a report— a compilation of the most valuable brands by market capitalization – by analysts at AfricanFinancials Group, Safaricom is the most valuable brand in East Africa and Mauritius, with a market capitalization of $15.4 billion. Safaricom’s shares have soared following its announcement of securing a telecommunications license to operate in Ethiopia, Africa’s…
The National Bank of Ethiopia (NBE) lifted the loan freezing placed since August 2021, according to media reports. Executives of commercial banks have been given an instruction to resume loan services to all of the customers. Many businesses have been crying foul over the loan freezing as it has impacted their productivity due to shortage…
The 752.7 km Ethiopia-Djibouti railway, also known as Addis Abeba-Djibouti railway, announced record high revenue of $67 million in the first ten months of 2021. The first modern electrified railway line in East Africa, official commercial operations for both passenger and freight services commenced in January 2018, reported a record increase of 36.5 percent of…
Awash Bank, among the most profitable private banks in Ethiopia has reported a record high net profit of 3.39 billion Birr during the financial year of 2020/21 that was concluded in July 2021. The profit before tax was 4.8 billion Birr. The profit was not only a record high in the history of Awash Bank…
Lion Insurance Company has reported a profit of 57.098 million after tax as of July 2021. The insurance company has enabled to write a net premium income of 306,322 million Birr in the stated period. During the reported year the amount of net claims paid was 187,982 million Birr. The total equity of Lion has expanded…
Zemen Bank announced Saturday that it has amassed a gross profit of 1.2 billion Birr in 2020/2021 fiscal year, which was concluded in July 2021. Zemen’s total asset also reached 25.2 billion Birr as of July 2021, which has registered a 36.66 percent higher than the previous year figure. As of July2021, its paid-up capital…
The United States Federal Aviation Administration (FAA) warned last week pilots that planes operating out of Ethiopia’s main international airport – one of busiest in Africa – could be “directly or indirectly exposed to ground weapons fire and/or surface-to-air fire” if the country’s spiraling conflict nears the capital, Addis Abeba. FAA cited that “ongoing clashes”…
