bussines news

CBE has 30 million mobile money customers, nearly 10 million mobile banking users, and around 21 million debit cardholders. Ethiopia’s state-owned Commercial Bank of Ethiopia CBE) has made strides in digital banking services, with digital channels handling 80% of its transactions during the first quarter. CBE facilitated around 402 million transactions across multiple access channels, …

80% of CBE’s Transactions Are Now Digital Read More »

Ethiopia’s Ministry of Mines emphasized the growing interest of the private sector and foreign investors in the mining sector. The third Mining and Technology Expo (MINTEX) officially concluded at a dinner reception last night by giving recognition to participants and stakeholders who showcased their products at the Expo. Minister of Mines Habtamu Tegegn highlighted the …

Mining Sector Gains Momentum, Luring Investors Read More »

The International Monetary Fund (IMF) is close to approving a 251-million-dollar loan to Ethiopia, applauding “progress in the economic reforms,” which saw the exchange rate shift toward a market-determined regime. IMF staff which visited Addis Ababa last week reached an agreement with the authorities to conclude the second review of Ethiopia’s four-year, 3.4-billion-dollar Extended Credit …

IMF Nears Approval of $251m Loan to Ethiopia Read More »

The House of Peoples’ Representatives has approved a supplementary budget of Birr 582 billion for the current fiscal year. The decision was made during the council’s 6th regular meeting after Finance Minister Tesfaye Beljge (PhD) presented the draft budget proposal. Tesfaye emphasized the critical importance of the additional budget and provided a breakdown of its …

Ethiopia: House of Peoples’ Representatives Approves Birr 582 Billion Supplementary Budget Read More »

Awash Bank announced significant financial achievements at its 29th Annual General Meeting held in Addis Ababa. The bank’s total assets reached Birr 282 billion during the 2023/24 fiscal year, reflecting its continued growth and resilience. Awash Bank recorded an unadjusted profit of Birr 10.8 billion, a Birr 1.06 billion increase compared to the previous year. The …

Ethiopia: Awash Bank Reports Growth in 2023/24 Financial Year Read More »

Ethiopia plans to export 100 megawatts of electricity to Tanzania through Kenya as part of a growing cross-border electricity trade initiative. Ethiopian Electric Power (EEP) announced the move following agreements that facilitate power transmission across the three nations. According to EEP Communications Director Moges Mekonnen, the final quantity of electricity to be exported may be …

Ethiopia Eyes Electricity Export to Tanzania via Kenya Read More »

French food processing company Delamotte Enterprise is eyeing the establishment of a dry food processing plant in Ethiopia. Fisseha Yitageshu, CEO of the Ethiopian Industrial Parks Development Corporation (IPDC), highlighted that the company’s interest comes at a pivotal moment when Ethiopia has achieved wheat self-sufficiency and has begun exporting grain internationally. He noted that the …

French Firm Delamotte keen on establishing food processing facility in Ethiopia Read More »

Ethio Telecom has announced that over 3.25 trillion birr has been transacted through the TeleBirr mobile payment system. The TeleBirr app, according to Ethio Telecom CEO Ms. Frehiwot Tamiru, is playing a pivotal role in facilitating digital money transfers in Ethiopia. She asserted that the app offers a wide range of services and has become …

Ethio telecom’s telebirr hits 3.25 trillion birr in transactions Read More »

Ethiopia and China have signed a bilateral agreement to strengthen their cooperation in the tourism sector. Ethiopia’s Tourism Minister Selamawit Kassa and Chinese Ambassador to Ethiopia, Chen Hai signed the agreement today. The agreement aims to enhance collaboration in tourism development, protection of wild animals, and expanding cooperation in cultural exchanges. Minister of Tourism, Selamawit …

Ethiopia, China Sign Agreement to Enhance Tourism Cooperation Read More »

Ethiopian Airlines, Africa’s largest and most successful carrier, announced the addition of three weekly midday flights to Rome effective December 1, 2024, for a seamless journey between Africa and Italy. In its social media post the Ethiopian Airlines Group, they have stated that it has continued to unlock new possibilities with better connections.