bussines news

Ethio-Engineering Group, SG Automotive Group, and Mr. Luta Investments Group have entered into a tripartite Memorandum of Understanding to collaborate on the assembly of electric vehicles in Ethiopia and address technical matters. The agreement aims to expedite the transition to electric vehicles and collaborate on ensuring access to energy supply within the country. Additionally, the …

Tripartite MoU signed to assemble electric vehicles in Ethiopia Read More »

The China-Africa (Ethiopia) Economic and Trade Cooperation Forum has commenced in Addis Ababa with participation from a high-level Chinese delegation. In his opening speech, Minister of Finance, Mr. Ahmed Shide, highlighted the deepening of the relations between Ethiopia and China to a higher level. He noted that under the leadership of Prime Minister Abiy Ahmed, …

Chinese companies encouraged to invest in key economic sectors in Ethiopia Read More »

Hibret Insurance SC. celebrated its 30th Anniversary in attendance of shareholders, prominent public figures, and representatives of financial institutions. On the occasion, Meseret Bezabih, CEO of Hibret Insurance, stated “Our 30th Anniversary is not just a celebration of the past but a reaffirmation of our promise to continue delivering value, ensuring financial security, and contributing to the …

Company vows to contribute to the growth of Ethiopia’s insurance industry Read More »

The Ministry of Trade and Regional Integration has reported a notable increase in foreign exchange earnings from Ethiopia’s cereal and oilseed exports, with over USD 156 million generated in just the first four months of the current fiscal year. In a statement, Minister of State for Trade and Regional Integration, Yasmin Wahbrebi highlighted that Ethiopia’s …

Ethiopia’s Foreign Earnings from Pulses and Oilseeds Surge Read More »

In a policy shift aimed at enhancing foreign currency flexibility for exporters, the National Bank of Ethiopia (NBE) announced that exporters would be allowed to retain 50 percent of the foreign currency they generate indefinitely. Under this new system, exporters can sell half of their foreign currency earnings immediately and hold the remaining half in …

The National Bank of Ethiopia Allows Exporters to Retain 50% of Foreign Currency Earnings Indefinitely Read More »

EthSwitch S.C. has reported a net profit of ETB 789,609,373. for the 2023/2024 financial year. The announcement was made on November 12, 2024, during EthSwitch’s 11th annual general meeting. Solomon Desta, Chairperson of EthSwitch, attributed the company’s success to its prudent expense management in a turbulent economic climate. In addition, EthSwitch recorded a surge in …

Ethiopia: EthSwitch Reports a Net Profit of Birr 789.6 Million Read More »

Ethiopia-Russia business forum would serve as a critical venue to uplift the economic cooperation into higher levels between the two countries, Foreign Affairs State Minister, Mesganu Arga. The business forum was underway in Addis Ababa under the theme: “Russia – Ethiopia: No Time to Wait,” with the goal of expanding economic cooperation and strengthening bilateral …

Ethio-Russia Business Forum Would Uplift Economic Cooperation, Says State Minister Mesganu Read More »

A high-level delegation from Jiangsu Province, China, led by Governor Xu Kunlin, arrived in Addis Ababa this morning, according to the Ministry of Foreign Affairs. Upon their arrival at Bole International Airport, they were greeted by State Minister of Foreign Affairs, Ambassador Birtukan Ayano, Director-General of Middle East, Asian and Pacific Affairs, Ambassador Negus Kebede …

Delegation from Jiangsu Province of China Arrives in Addis to Attend China-Africa Forum Read More »

EtSwitch, the National Switch owned by all banks operating in Ethiopia and the National Bank of Ethiopia, held its 11 annual shareholders meeting today. In his opening remarks at the meeting, Solomon Desta, Board Chairperson of EtSwith, stated that the company has been playing a crucial role in advancing the National Digital Payment Strategy, which …

EtSwitch says facilitated over 94.5 million interoperable ATM transactions during past FY Read More »

UK-based KEFI Gold and Copper PLC has announced a USD 30 million investment opportunity for Ethiopian investors as part of its USD 500 million Tulu Kapi Gold Mines project. The financing, involving international banks, contractors, and investors, has reached a milestone with USD 470 million conditionally secured, including an increased USD 240 million contribution from …

Ethiopia: KEFI Gold and Copper PLC Opens USD 30 Million Investment for Ethiopians Read More »