The horticulture sector has experienced a decline in foreign exchange earnings this year, with a decrease of USD 123 million compared to the previous year, according to Minister of Agriculture Girma Amente. The Minister reported that this year’s horticulture exports generated USD 535 million, down from USD 658 million last year. Despite being the second-largest …
Ethiopia attracted USD 3.82 billion in foreign direct investment (FDI) during the recently concluded fiscal year, according to the Ethiopian Investment Commission. Ethiopian Investment Commissioner Hanna Arayaselassie highlighted efforts to improve the business climate, promote investment, facilitate activities, provide one-stop services, and work on regulations as key areas of focus during the fiscal year. Priorities …
The Federal Documents Authentication and Registration Service (DARS) announced that it generated Birr 2.5 billion in revenue from its verification and registration services during the 2023/24 fiscal year. Over the last fiscal year, 919,941 cases were handled across various service sectors, with 726,535 of these cases being processed online. More than 6,000 customers are served …
The UAE Central Bank has partnered with the National Bank of Ethiopia to establish a bilateral currency swap agreement, aimed at enhancing financial and commercial cooperation between the two countries. This agreement will provide liquidity in local currencies, facilitating the settlement of cross-border transactions between the Emirates and Ethiopia. The pact allows for the exchange …
UAE and Ethiopia Strengthen Ties with Currency Swap Agreement Read More »
The Ethiopian Capital Market Authority (ECMA) announced a directive that will establish Ethiopia’s first licensed securities exchange. The ECMA, established in 2021, holds the authority to regulate the capital market through directives. The newly issued “Directive on Licensing, Operation, and Supervision of Securities Exchanges, Derivatives Exchanges, and the Over-The-Counter Market No. 1009/2024” outlines the framework …
ECMA Issues Directive to License Ethiopia’s First Securities Exchange Read More »
Ethiopia – Italy Business Form kicked off in Milan City in attendance of State Minister for Foreign Affairs, Mesganu Arga, and Ambassador Demitu Hambisa. From the Italian side, a member of the Office of the Prime Minister, Lorenzo Ortana, and a Representative of Cassa Depositi e Prestiti CDP), are in attendance. In his remarks on …
Ethiopia – Italy Business Forum Kicks Off In Milan City Read More »
In a bid to enhance economic cooperation and facilitate trade between the two nations, Ethiopia’s Minister of Trade and Regional Integrations, Kasahun Goffe, met with the Minister of Trade of Djibouti, Mohamed Warsama. During their discussion, the two ministers explored various possibilities for facilitating export trade between Ethiopia and Djibouti, as well as addressing related …
Ethiopia, Djibouti Explore Ways To Boost Export Trade Cooperation Read More »
A Canadian business called East Africa Metals Inc., with its headquarters in Vancouver, has announced that it will begin building gold mine infrastructure in the Tigray region. In the statement issued a week ago, the company stated that its development partner Tibet Huayu Mining Co Ltd. has initiated the procurement process for heavy equipment required …
East Africa Metals announces start of gold mine infrastructure construction in Tigray Read More »
For the first time in over a decade, the state-owned telecom company Ethio Telecom is in the process of applying for a loan from an American financier. The telecom behemoth has surpassed its forecasts to wrap up another stellar year in the just-concluded financial year. The 130-year-old business revealed that its unaudited net profit increased …
Ethio Telecom applies for first American loan in over a decade Read More »
In its statement, the National Bank of Ethiopia (NBE) disclosed that Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Mamo E. Mihretu, Governor of the National Bank of Ethiopia (NBE), have signed a bilateral currency swap agreement for the UAE dirham (AED) and birr. The two parties also entered into …