Nexara

The National Bank of Ethiopia (NBE) announced that it was now accepting applications for Independent Foreign Exchange Bureaus. This move is in line with the newly implemented Foreign Exchange Directive (FXD/01/2024). These new bureaus will be authorized to buy and sell foreign currency cash notes at rates determined by market forces. This marks a significant …

Ethiopia: National Bank Accepts Applications for Forex Bureaus Read More »

AliExpress, a major online retail service owned by Alibaba Group, is entering the Ethiopian market. According to Abiyot Bayu, (PhD) a Senior Advisor to the Minister of Innovation and Technology, who spoke with Shega, the agreement has been reached, and an official announcement will be made soon. This news comes after a virtual meeting on …

Chinese E-commerce Giant Alibaba to Enter Ethiopia Read More »

Ethio-Engineering Group unveiled plans to construct a modern steel factory. The project is slated to commence in Nekemte city during the current fiscal year. The factory’s state-of-the-art equipment and technology, imported from Italy, have already arrived in the country. The facility will comprise three distinct production units dedicated to transforming iron ore into various steel …

Ethiopia: Ethio-Engineering Group to Build a Modern Steel Factory Read More »

Gadaa Bank, in partnership with Santim Pay Financial Solutions S.C., has launched a new QR Code payment system. The service will enable contactless digital transactions across various sectors, including hotels, cafes, shops, and online platforms. According to the bank’s chief executive, the QR Code system is designed to be user-friendly and accessible to both businesses …

Ethiopia: Gadaa Bank Introduces QR Code Payment System Read More »

The Public Procurement and Property Authority (PPPA) announced that its e-Government Procurement (e-GP) system facilitated over 22,000 tenders during the past fiscal year, resulting in a total transaction value of Birr 320 billion. Tadesse Kebede, the e-GP Project Manager, highlighted the system’s rapid growth since its inception in 2022. From a modest start with nine …

Ethiopia: E-Government Procurement System Delivers Significant Gains Read More »

The Ethiopian Toll Roads Enterprise (ETRE) is set to introduce a cashless payment system at selected toll gates this fiscal year, as part of Ethiopia’s broader digitalization agenda. The initiative also includes digitizing road data to streamline administrative processes and enhance efficiency. The rollout of cashless payments will be gradual, addressing challenges such as limited …

ETRE to Go Digital for Toll Collection Read More »

The Ethiopian Coffee and Tea Authority signed a Memorandum of Understanding (MoU) on Sunday with the Oromia Tourism Commission to work together in tapping the tourism potential of Ethiopia’s coffee. The Director General of the Ethiopian Coffee and Tea Authority, Adugna Debela, and Oromia Tourism Commission Commissioner, Lelisei Duga signed the agreement. Ethiopia is known …

Coffee, Tea Authority Inks MoU with Oromia Region to Tap Ethiopia’s Coffee Tourism Potential Read More »

Ethiopian Airlines Group has signed an MoU with Satarem America Inc. to partner on the production and use of Sustainable Aviation Fuel (SAF) in Ethiopia. Satarem shall produce SAF in the country, and Ethiopian Airlines has agreed to acquire the SAF from Satarem. The MoU with Satarem America, a provider of sustainable energy solutions, will …

Ethiopian Airlines signs MoU with Satarem on production, use of Sustainable Aviation Fuel Read More »

Feseha Yitagesu (PhD), CEO of the Industrial Parks Development Corporation (IPDC), has announced a series of initiatives aimed at attracting investments to the Jimma Industrial Park, capitalizing on the area’s abundant natural resources. During a recent visit to the park, Feseha reviewed ongoing operations and the market connections established with local farmers. He engaged in …

IPDC unveils initiatives to boost investments in Jimma’s natural resources Read More »

National Bank Governor Mamo Mehretu remarked that the decision made on the foreign exchange (FX) management system is historically aimed at fostering sustained economic growth. He emphasized that the government was not compelled by lending institutions to implement indigenous macroeconomic reforms, but rather saw it as a necessary step to address pressing economic challenges. The …

Decision Made on FX Management Milestone to Foster Sustained Economic Growth Read More »