bussines news

An International Monetary Fund (IMF) team and Ethiopian authorities have reached a staff-level agreement on the first review of Ethiopia’s four-year USD 3.4 billion Extended Credit Facility (ECF) program. Upon approval by the IMF Executive Board, Ethiopia will gain access to USD 345 million in financing. The IMF team, led by Alvaro Piris, visited Addis …

IMF and Ethiopia Reach Staff-Level Agreement on USD 3.4 Billion Credit Facility Review Read More »

The Ministry of Mines (MoM) announced that the construction of three gold mining factories was progressing rapidly, with the aim of generating USD 800 million from the sector this fiscal year. The three factories, located in Benishangul, Gambela, and Tigray, are expected to become operational within 18 months, adding 10 tons of gold annually to …

Ethiopia Eyes USD 800 Million in Revenue from Gold Mining Factories Read More »

Ethio Telecom officially launched its “Copper Switch-Off Initiative,” which aims to migrate 100,000 customers from the existing copper network to high-speed fiber optic infrastructure by the end of this fiscal year. This initiative will see 60,000 customers in Addis Ababa and 40,000 in regional areas transition to fiber, improving their internet experience with faster data …

Ethiopia: Ethio Telecom to Migrate 100,000 Customers to Fiber Read More »

Kenya’s electricity imports from neighboring Ethiopia have surged by 88% in the first half of 2024, according to a report released by the Kenya National Bureau of Statistics (KNBS). This increase marks a major shift in Kenya’s energy import strategy as the country seeks to meet rising electricity demand. The report revealed that Kenya imported …

Kenya Doubles Electricity Imports from Ethiopia Read More »

Zemen Bank has announced that it successfully mobilized over USD 500 million in foreign currency during the last fiscal year. This accomplishment marks a significant milestone for the bank, which has been serving the Ethiopian market for 16 years. In the 2023/24 fiscal year, Zemen Bank reported a total of USD 566 million in foreign …

Ethiopia: Zemen Bank Achieves Milestone in Foreign Currency Mobilization Read More »

Ethiopia’s tea industry has experienced a growth spurt in the 2023/24 fiscal year, with exports exceeding 1,142 tons and generating over USD 2 million in revenue. This represents a substantial increase of 292 tons compared to the previous year. The Ethiopian Coffee and Tea Authority (ECTA) hailed the achievement but underscored that the sector’s full …

Ethiopia’s Tea Exports Increase Read More »

Several Chinese companies have disclosed intentions to visit Ethiopia soon to conduct pre-investment assessment in various sectors, according to the Ethiopian Embassy in Beijing. The companies’ interest was learned during a the meeting between Ambassador Tefera Derbew, Ethiopia’s Ambassador to the People’s Republic of China and senior officials of the companies earlier today at the …

Chinese Companies to Visit Ethiopia to Explore Investment Options in Various Sectors Read More »

The third edition of mining and technology expo, dubbed as MINTEX 2024, will be held from 23 to 26 November 2024 at the Millennium Hall in Addis Ababa, the Ministry of Mines of Ethiopia (MoM) announced today. The event will bring together various companies from across the world engaged in the sector, and the necessary …

The 3rd Mining & Technology Expo to be held in November Read More »

Ethiopian Airlines, the leading African carrier, announced the addition of three new flights from Addis Ababa to Guangzhou, China.  The Airline reminded us that it has been serving the portal city in South China six times weekly so far. The newly added flights will commence on September 27, 2024, further solidifying the airline’s extensive network …

Ethiopian Airlines cements China presence with 3 additional flights to Guangzhou Read More »

Vietnam’s textile solutions company Shin Textile Solutions (ShinTS) has disclosed its intentions to expand its presence in Ethiopia. The company’s plans were revealed during a meeting between Dessie Dalkie, Ethiopian Ambassador to the Republic of Korea and Non-Resident Ambassador to the Socialist Republic of Vietnam, and senior officials. The Ethiopian envoy visited ShinTS Bvt Co., …

Vietnam’s ShinTS Bvt Co. Ltd planning to expand its investment in Ethiopia Read More »