Addis Ababa, September 5, 2024 (FBC) – Ethiopia’s Minister of Finance, Mr. Ahmed Shide, revealed that China has pledged financial backing of 400 million yuan (in the region of 56,342,800 USD) to facilitate the implementation of various projects within Ethiopia. Mr. Ahmed Shide revealed this story in his assessment of […]
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Addis Ababa, September 4, 2024 (FBC) – Minister of Finance Mr. Ahmed Shide stated that Ethiopia has emerged as the top destination in East Africa for attracting foreign direct investment, solidifying its position as a beacon of economic growth and opportunity in the region. The Finance Minister made this statement […]
Addis Ababa, September 4, 2024 (FBC) – The Minister of Foreign Affairs, Taye Atse-Selassie, stated that Ethiopia’s recent macroeconomic reforms have opened up new and promising opportunities for investors. In his speech at the Ethiopia-China High-Level Business Forum being held in Beijing, the foreign minister emphasized that Ethiopia values the […]
Addis Ababa, September 2, 2024 (FBC) – The Development Bank of Ethiopia (DBE) revealed that it has reduced bad loans from 57 percent to 6.5 percent through reforms it carried out in the last five years. The bank provided 32 billion birr loans and made 5.5 billion birr profit in […]
Despite the strong demand by the IMF and World Bank, the government of Prime Minister Abiy Ahmed resisted currency devaluation for years siting its economic impact mainly on the poor. However, chronic foreign currency shortages particularly in recent years forced him to reverse its long-standing policy of fixing the exchange […]
In a landmark diplomatic manoeuvre sought to defuse rising tensions in the Horn of Africa, Djibouti has extended an unprecedented offer to Ethiopia of complete management control of the strategic Port of Tadjourah. According to its Foreign Minister, Mahmoud Ali Youssouf, the proposal is part of Djibouti’s efforts to mediate […]
The capital market is expected to see substantial growth in size and investment over the next four years, contingent on favourable macroeconomic conditions and successful policy implementations, according to a market size estimation study published by the Ethiopian Capital Market Authority (ECMA). The study, titled “Potential Market Size Estimation & […]
The executives of Ethiopian Investment Holdings (EIH) have designated 10 of the state-owned enterprises under the wealth fund’s wings for listing on the upcoming stock market. Tilahun Kassahun, CEO of the Ethiopian Securities Exchange (ESX), told The Reporter that Ethio telecom, the Ethiopian Insurance Corporation, the Ethiopian Shipping and Logistics […]
The management teams of the country’s industrial parks have been given short notice to transition into Special Economic Zones following the federal government’s policy change. Officials at the Ethiopian Investment Commission (EIC) revealed details of the transition plans during a recent round of discussions with foreign investors operating in the […]
Unity Parks Corp. starts out with 28bln in authorized capital The Council of Ministers has approved the formation of a new state-owned enterprise to administer government-built parks and recreation centers in Addis Ababa and elsewhere with an authorized capital of 28 billion birr. The Unity Parks Corporation will start its […]
Addis Ababa, August 30, 2024 (FBC) – The Ethiopian government encouraged Chinese investors to explore opportunities within the country’s industrial parks and its first free trade zone. The invitation was made by Fisseha Yitagesu, chief executive officer of the Ethiopian Industrial Parks Development Corporation (IPDC), and other senior Ethiopian officials […]
Addis Ababa, August 29, 2024 (FBC) – Ethiopia’s Coffee and Tea Authority (ECTA) has announced a record-breaking 1.43 billion USD annual revenue from the export of coffee products in the 2023/24 fiscal year. This marks the first time in history that Ethiopia has achieved such high revenue from coffee exports. […]