Nexara

Ethiopian Electric Power garnered USD 25 million from its electricity sales to data mining companies in the 2023/24 fiscal year. The revenue boost is attributed to the strategic decision to sell electricity in U.S. dollars to domestic customers, aimed at enhancing the institution’s foreign exchange earnings. Before December 2023, domestic electricity transactions were conducted in …

Ethiopian Electric Power Nets USD 25 Million from Data Mining Firms Read More »

Kenya Airways, based in Nairobi, is striving to recover over USD 11.6 million currently held in Ethiopia due to foreign exchange restrictions. The airline’s CEO Allan Kilavuka revealed that negotiations between Kenya and Ethiopia were underway to alleviate these constraints as the funds, stuck in Ethiopian banks, continue to lose value due to a 30% …

Kenya Airways Seeks to Recover USD 11.6 Million Blocked in Ethiopia Read More »

The Federation of Saudi Chambers (FSC) has announced the establishment of a new Saudi-Ethiopian Business Council. The council, approved by the General Authority of Foreign Trade (GAFT), aims to bolster economic ties between the two nations. Despite the significant potential, trade volume between Saudi Arabia and Ethiopia currently stands at a modest SR1.3 billion. The …

Saudi Arabia and Ethiopia Launch Joint Business Council Read More »

Ethiopian Petroleum and Energy Authority (EPA) announced the development of a national e-mobility strategy aimed at accelerating the adoption of electric vehicles (EVs) in the country. The EPA recently hosted a panel discussion, in collaboration with the Ethio-Germany energy cooperation, focused on the integration of electric vehicles within Ethiopia’s green economy. The event drew ministry …

Authority Develops National E-Mobility Strategy to Advance Electric Vehicles Read More »

Ministry of Urban and Infrastructure (MoUI) revealed that approximately 142,500 km of roads have been constructed over the past 26 years. This was reported during the Ethiopian Roads Administration’s (ERA) 7th annual road research conference, themed “Sustainable Road Infrastructure Development and Management through Research.” Speaking at the conference, MoUI State Minister Wondimu Seta emphasized the government’s commitment …

Ethiopia Constructs 142,500 km of Roads in 26 Years, Ministry of Urban and Infrastructure Read More »

In a move to enhance the country’s gold supply and foreign currency reserves, the National Bank of Ethiopia (NBE) has issued a new directive allowing gold-producing companies to retain foreign currency earned from gold sales for three months. Previously, the bank’s foreign exchange regulation allowed producers to hold onto foreign currency for just one month. …

National Bank of Ethiopia Eases Gold Trade Regulations to Boost Foreign Currency Inflows Read More »

Ethiopia implements a new vehicle insurance policy. Previously, the maximum death claim was capped at 5,000 birr, but the new policy raised this to 30,000 to 250,000 birr. The policy was introduced in response to the rising frequency of vehicle accidents across the country, which have led to significant loss of life and property. The …

Ethiopia Revises Vehicle Insurance Policy Read More »

Boeing’s Africa office, based in Addis Ababa, will officially begin operations in October 2024, according to Henok Teferra, Managing Director of Boeing Africa. The American aerospace company chose Ethiopia for its African headquarters due to the nation’s achievements in aviation and its status as a continental hub. Henok explained that the new office will enhance …

Boeing Africa Office to Launch in Addis Ababa This October Read More »

Import substitution has registered remarkable results in the concluded Ethiopian fiscal year, Industry Minister Melaku Alebel remarked. Discussion is underway on the annual performance review of the Industry Ministry and plans for the 2024/25 (2017 E.C) fiscal year in Hawassa. Speaking on the occasion, the minister pointed out that great achievements were gained in import …

Ethiopia’s stride to enhance import substitution encouraging: Industry Minister Read More »

 Ethiopian Electric Power (EEP) has announced that it is planning to earn over 300 million US dollars by expanding access to the sale of power to other countries in the current fiscal year. In the last financial year, 20, 522 gigawatt hours of energy were generated from water, wind, and solid waste, said Ashebr Balcha, …

EEP eyes over $300 million income from export of power Read More »