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Ethiopian Shipping and Logistics (ESL) generated a revenue of Birr 57.14 billion birr, surpassing its financial targets for the 2023/24 fiscal year by 20%. The company also achieved a profit of Birr 8 billion. ESL attributed its success to increased ship and truck loading capacity, enhanced service delivery, and the adoption of technology-driven processes. Nevertheless, …

Ethiopian Shipping and Logistics’ Vehicle Shipments Plummeted in 2023/24 Due to Policy Read More »

The Commercial Bank of Ethiopia (CBE) introduced an upgraded version of its digital wallet, CBE Birr Plus, aiming to serve the increasing digital platform user base. The move comes as digital transactions continue to dominate the banking landscape, accounting for a substantial 72 percent of the bank’s total transactions in the past fiscal year, according …

Ethiopia: CBE Upgrades CBE Birr to Boost Digital Banking Read More »

Awash Bank announced a strong financial performance for the 2023/24 fiscal year, reporting a gross profit of Birr 11.6 billion. The bank’s CEO, Tsehay Shiferaw, attributed this growth to a significant increase in deposits, which reached Birr 232 billion, marking a Birr 45.1 billion surge compared to the previous year. The bank also collected Birr …

Ethiopia: Awash Bank Reports a Profit of Birr 11.6 Billion Read More »

The African Union Commission (AUC), in collaboration with the United Nations Development Programme (UNDP) and key stakeholders, launched the Africa Blue Economy Week (ABEW-24) and the Commemoration of the Africa Day of Seas and Oceans today in Addis Ababa. The event is set to boost inclusive and sustainable blue growth across Africa. Africa’s vast coastline …

African Blue Economy Week Launched in Addis Ababa Read More »

A delegation from the Government of Malawi, accompanied by IOM staff, visited the Addis Ababa Bole International Airport to gain insight into how the Migration Information and Data Analysis System (MIDAS) developed by IOM operates. The purpose of the study tour was to equip Malawian officials with a comprehensive understanding of MIDAS for effective border …

Malawi Delegation Visits Bole Int’l Airport To Take Ethiopia’s Experience On MIDAS Read More »

Ethiopia’s Finance Minister Ahmed Shide emphasized the need for reinforcing transformative financial frameworks to the Sustainable Development Goals (SDGs) and undertaking comprehensive reform in the global financing system. The minister also called on all stakeholders to undertake comprehensive reform of the global financing system. A five-day opening session of the Preparatory Committee for the Fourth …

Ethiopia Demands Financing Progress On SDGs, Reform Of Global Financing System Read More »

The Ethiopian Industrial Parks Development Corporation (IPDC) disclosed that it attracted more than 500 million USD in capital investments during the 2023/24 Ethiopian fiscal year. Similarly, the corporation revealed that more than 237 million USD worth of import substitute products were supplied to the domestic market in the concluded fiscal year. The Corporation which is …

IPDC Attracts Over US$500M Investment Capital In Concluded FY Read More »

The Industrial Parks Development Corporation of Ethiopia (IPDC) revealed that over 237 million USD worth of import substitute products were successfully supplied to the domestic market during the last fiscal year. Notably, among the various import substitute products produced by Ethiopian industrial parks, beer malt and construction materials emerged as the primary inputs. Moreover, IPDC …

Over $237M Worth Of Import Substitute Products Supplied To Local Market In 2023/24 FY Read More »

Export revenue from industrial parks falls short of expectations in the 2023/24 fiscal year. The Ethiopian Investment Commission (EIC) reported a total export value of USD 115.2 million, 46% of the targeted amount. This shortfall is largely attributed to Ethiopia’s suspension from the African Growth and Opportunity Act (AGOA) in January 2022. AGOA, a key …

Ethiopia: Exports from Industrial Parks Decrease Read More »

In a significant development, the Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA) elected a new president and leadership team during its general meeting on July 18, 2024. The meeting was held under the directive of the Ministry of Trade and Regional Integration. Sebsebe Abafira, former President of the Oromia Chamber of Commerce and Sectoral …

Ethiopian Chamber of Commerce Elects New President Read More »