Addis Ababa, August 7, 2024 (FBC) – Guangzhou Automobile Corporation (GAC), Chinese state-controlled vehicle manufacturing company, together with Huajian Group, today declared that it is set to start assembling electric vehicles in Ethiopia soon. GAC’s decision was revealed during a discussion between Ethiopia’s Minister of Transport and Logistics Alemu Sime […]
Yearly Archives: 2024
362 posts
Addis Ababa, August 7, 2024 (FBC) – The National Bank of Ethiopia (NBE) has announced the conclusion of the Special Foreign Exchange Auction with a weighted average rate of Birr 107.9 per a USD. The nation’s central bank held a Special Foreign Exchange Auction today August 7. 2024. In that […]
Addis Ababa, August 7, 2024 (FBC) – The Macroeconomic reform policy which Ethiopia has embarked on has created great opportunity for competitive investment in the country, Indian investor Mayur Kothari said. The Chairperson of Indian Mohan Group PLC in Ethiopia, Mayur Kothari said that the full implementation of macroeconomic reform […]
Addis Ababa, August 7, 2024 (FBC) – China’s foreign trade reached a new high of $3.5 trillion, up 6.2% year-on-year, in Jan. – July, Beijing-based news agency Xinhua reported on Wednesday, citing official data. China’s exports surged 6.7% year-on-year to $2.01 trillion and imports climbed 5.4% to $1.49 trillion in […]
Due to the suspension of Djibouti’s operating oil port, Ethiopia is requesting that the Djibouti administration promptly provide alternate tankers for the incoming petroleum cargo. The Ethiopian Petroleum Supply Enterprise (EPSE) delegation asked Djibouti authorities to provide alternative discharge ships for oil imports during its visit earlier this week. On […]
Addis Ababa, August 4, 2024 (FBC) – 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 areas’s abundant natural resources. During a recent visit to the park, Feseha reviewed ongoing […]
The Birr has crossed a historic threshold, hitting an exchange rate of over 100 Br to the dollar last week — a wake-up call for the country’s economy. Examining historical trends in official and parallel exchange rates since 1995, alongside the real effective exchange rate (REER) from 1987 to 2021, […]
Addis Ababa, August 3, 2024 (FBC) – National Bank Governor Mamo Mehretu remarked that the decision made on foreign exchange (FX) management system is historical 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 […]
An African Development Bank (AfDB) report published this week forecasts Ethiopia’s development financing requirements over the coming six years will amount to a minimum of a quarter billion dollars. Dubbed ‘Driving Africa’s Transformation: The Reform of the Global Financial Architecture,’ the report features economic analyses and forecasts for all 54 […]
In a bid to avert the spillover of the exchange rate reform on the liabilities lurking in the portfolio of the Commercial Bank of Ethiopia (CBE), the government has opted for a massive capital injection of close to 900 billion birr into the state-owned giant. “A substantial capital injection of […]
Recent socioeconomic progress in Africa has occurred in the context of ubiquitous information and communications technologies (ICTs). According to the International Telecommunication Union 2017 data, 67 percent of African population, estimated to be about 1.13 billion, now has mobile phones and 26.5 percent are now using the Internet. Policymakers and African development […]
Addis Ababa, August 1, 2024 (FBC) – Fisseha Yitagessu (PhD), CEO of the Ethiopian Industrial Parks Development Corporation (IPDC), announced ongoing efforts to enhance the involvement of Chinese investors in Ethiopia’s industrial parks. Speaking at the annual Ethiopia-China Business Forum in Addis Ababa, he noted a noticeable increase in Chinese […]