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Ten days have passed since a glitch rocked the Commercial Bank of Ethiopia, causing significant disruption in Ethiopia’s financial sector. The system error, which occurred on March 15, 2024, allowed users to transfer funds exceeding their account balances and withdraw money from ATMs despite insufficient funds. The bank’s been tight-lipped about the exact numbers, saying they’re still investigating. …

The Commercial Bank of Ethiopia Heist in Figures Read More »

Wenzhou Nixin Trading, a Chinese company with an investment capital of 300 million USD, has expressed its interest in producing paper in industrial parks. Industrial Parks Development Corporation CEO Aklilu Tadesse, received the officials of the company in his office and discussed with them. The officials of the company presented detailed information about their investment …

A Chinese Company Shows Interest To Engage In Paper Production In Ethiopia Read More »

The Ethiopian Embassy in Beijing, in collaboration with the Ethiopia-China Friendship and Cooperation Committee, jointly organized a forum entitled “Light Up Villages Program” Ethiopia-China Business Forum. Keynote speeches and presentations were delivered, highlighting the investment prospects in Ethiopia and providing an overview of the light-up village program. The forum was held in the presence of …

Embassy Runs Light-Up Villages Program Ethiopia-China Business Forum In Beijing Read More »

The long-standing and historical ties between Ethiopia and Korea should be further strengthened through city partnerships in exchange and investment, Ethiopia’s Ambassador to South Korea, Dessie Dalkie said. Ambassador Dessie Dalkie met with Kim Doo-gyeom, Mayor of Ulsan City, one of Korea’s most important manufacturing and industrial city. During the discussion, Ambassador Dessie said that …

Ethiopia, Korea Need To Strengthen Ties Through City Partnership Read More »

State Minister of Industry, Hassen Mohammed stressed the need for exploiting Ethiopian and Indian comparative advantages in the chemical industry and trade through cooperation. A forum that aimed at creating cooperation between Ethiopian and Indian chemical manufacturers, buyers as we as sellers was held. Given the government’s priority, the country has been becoming an attractive …

Ethiopia, India Keen to Exploit Their Chemical Industry Potential Read More »

The Industrial Parks Development Corporation of Ethiopia (IPDC) has confirmed the successful resumption of full-scale production at the Mekele Industrial Park. After a two-year halt due to the conflict, the companies operating within the park have now resumed their production activities. Mr. Aklilu Tadese, CEO of IPDC, announced the park’s resumption of its operations, highlighting …

Mekele Industrial Park Resumes Operations Read More »

Ethiopia’s Ministry of Finance engaged in consultations with a high-level Chinese delegation regarding the new economic cooperation between the two nations, focusing particularly on key projects within the Belt and Road Initiative (BRI). Head of the delegation, Mr. Xu Jianping, Director General of the National Development and Reform Commission, emphasized the significance of the Ethio-China …

Ethiopia, China Discuss Economic Cooperation Through BRI Read More »

 Industrial Parks Development Corporation (IPDC) CEO, Aklilu Tadesse discussed with a delegation led by the first deputy governor and administrator of Russia’s Novgorod region, Bogdanov Evgenii, in the presence of Russian Ambassador to Ethiopia Evgeni Terehin. During the discussion, Aklilu explained to the delegation the investment-oriented activities that the corporation has been carrying out and …

Senior Officials Of Russian Novgorod Region Express Interest To Collaborate With IPDC   Read More »

Ethiopia and the Korea International Cooperation Agency (KOICA) signed a 16 million USD grant agreement to encourage agricultural export and reduce stunting in children. KOICA will start by undertaking two projects namely Project for Improving Quality Control Standards of Agricultural Products in Ethiopia for five years with a total budget of ten million US dollars …

Ethiopia, Korea International Cooperation Agency Sign $16mln Grant Agreement Read More »

Ethiopia’s largest commercial bank has given customers who withdrew more money than they had in their accounts until the end of the week to return it or face arrest and prosecution. Local media reported that more than $40m (£31m) was withdrawn or transferred to other banks on Saturday during a system glitch lasting several hours …

Ethiopian bank hunts clients over millions lost in glitch Read More »