Nexara

Wegagen Bank has reported growth in its financial performance, with total assets reaching Birr 65.7 billion for the 2023/24 fiscal year. The announcement was made during the bank’s 31st regular and 15th emergency general meeting of shareholders, held in Addis Ababa. In his presentation of the bank’s annual report, Mr. Abdush Hussain, Chairman of Wegagen …

Ethiopia: Wegagen Bank Reports Growth with Assets Reaching Birr 65.7 billion Read More »

The Ministry of Trade and Regional Integration (MoTRI) announced that cement manufacturers in Ethiopia could now distribute their products through chosen distributors, a shift intended to streamline the supply chain and better meet demand. The announcement follows a consultation forum between the ministry and cement manufacturers on aligning product supply with the growing demand in …

Ministry of Trade and Regional Integration Allows Cement Manufacturers to Select Distributors Read More »

Ethiopian Airlines is set to launch a new airline, Air Congo, in partnership with the Congolese government, according to Group CEO Mesfin Tasew. With Ethiopian Airlines holding a 49% stake, this joint venture aims to expand the airline’s presence in Africa. Scheduled to start operations in early December 2024, Air Congo will initially utilize two …

Ethiopian Airlines Partners with Congo to Launch Air Congo Read More »

Ethiopian Airlines Group announced that its first Airbus A350-1000 aircraft in Africa has made the inaugural flight to Lagos, Nigeria. “Lagos warmly welcomes Africa’s first Airbus A350-1000, becoming our first passenger flight destination with this state-of-the-art aircraft,” the airline said. Ethiopian Airlines, the biggest carrier in Africa, received the first A350-1000 passenger plane in Africa …

Ethiopian Airlines’ Airbus A350-1000 Makes First Flight to Nigeria Read More »

Hibret Insurance has reported a net profit of Birr 525.27 million for the 2023/24 fiscal year, reflecting a 60.62% increase over the previous year. This was announced at the company’s annual general shareholder meeting this week. Hibret Insurance’s total premium income for the year reached Birr 1.96 billion, with non-life insurance products contributing Birr 1.7 …

Ethiopia: Hibret Insurance Achieves a 60% Profit Increase Read More »

The Ethiopian government is preparing to issue a bond worth Birr 900 billion to address unpaid loans provided by the Commercial Bank of Ethiopia (CBE) to government development organizations. The bond, introduced during a recent government session, aims to settle outstanding debts and strengthen the bank’s capital base. The loans total over Birr 845.3 billion …

Government to Issue a Birr 900 Billion Bond to Cover Unpaid Loans from Commercial Bank of Ethiopia Read More »

The National Bank of Ethiopia (NBE) has announced that starting December 1, 2024, all payment service providers in the country must adopt standardized QR codes for digital payments. This move aims to streamline the diverse QR codes in circulation, providing a unified system that aligns with NBE’s guidelines. This initiative comes as Ethiopia’s digital payment …

National Bank of Ethiopia Mandates a Unified QR Code Standard for Digital Payments Read More »

Ethiopian Finance Minister Ahmed Shide held talks with a Chinese delegation about Addis Ababa Light Rail Transit. The Chinese technical team delegation was led by the Chinese Ambassador to Ethiopia, Chen Hai, according to the Ministry of Finance. The main objective of the meeting is to undertake a review of Addis Ababa Light Rail Transit …

Finance Minister Confers with Chinese Delegation to Discuss Addis Ababa Light Rail Transit Read More »

In its fourth regular session, Ethiopia’s House of Peoples’ Representatives (HPR) examined and unanimously approved a loan agreement between Ethiopia and South Sudan, aiming to bolster regional connectivity and strengthen bilateral relations. The Ethiopian government’s chief representative in the House, Tesfaye Beljige (Dr.), presented the agreement to the HPR, emphasizing Ethiopia’s strategic commitment to prioritizing …

House of People’s Representatives Approves Ethiopia-South Sudan Loan Agreement Read More »

The International Monetary Fund (IMF) has raised Ethiopia’s net international reserves target to help the country meet upcoming foreign currency payments. This follows Ethiopia’s USD 3.4 billion, four-year financing deal secured with the IMF in July, contingent on major economic reforms, including the recent flotation of the birr currency. Ethiopia is now working to resume …

IMF Raises Ethiopia’s Reserve Target Amid Economic Reforms and Debt Restructuring Efforts Read More »