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Banking & FinanceThe Commercial Bank of Ethiopia (CBE) has reported a major milestone for the 2024/25 fiscal year, mobilizing over 515 billion birr in new deposits, bringing its total deposits to 1.69 trillion birr — a historic achievement in the bank’s history and a strong indicator of public confidence in the institution. Compared to the previous fiscal
BusinessSafaricom Ethiopia has crossed a major milestone, reaching 10 million active subscribers, four years after acquiring its telecom license. The achievement underscores the company’s rapid growth in one of Africa’s most closely watched and underserved telecommunications markets. The figure is based on SIM cards active within a 90-day period and follows the addition of 7.1
BusinessEthiopia’s coffee industry is celebrating a major milestone, with exports soaring to 409,605 tons in the first 11 months of the current fiscal year—exceeding targets by an impressive 128,718 tons, according to the Ethiopian Coffee and Tea Authority (ECTA). Shafi Umer, Deputy Director General of ECTA, attributed the strong performance to ongoing sectoral reforms and
BusinessIn a major step toward ensuring agricultural self-sufficiency and reducing reliance on fertilizer imports, Ethiopia is set to sign a landmark agreement with Nigerian billionaire and industrialist Aliko Dangote to build a fertilizer factory in the Somali Regional State, Gode area. Prime Minister Abiy Ahmed (PhD) announced that the $3 billion deal will be formalized
BusinessEthiopia has received a record $5.1 billion in remittances in the first nine months of the current fiscal year, according to the Ethiopian Diaspora Service (EDS) — a milestone that underscores the vital role the Ethiopian diaspora continues to play in supporting the country’s economy amidst ongoing reforms. The announcement was made by Wondwosen Terefe,
BusinessIn a decisive policy shift, the Ethiopian government has officially ended its longstanding fuel subsidy, fully liberalizing fuel prices to reflect international market rates. The Ministry of Trade and Regional Cooperation confirmed that gasoline and jet fuel prices were deregulated as of May 9, 2025, followed by diesel on June 4, 2025. The reform marks
Banking & FinanceDashen Bank has announced that it has disbursed over 1 billion birr in loans through its MESMER program, a financing initiative aimed at supporting micro, small, and medium enterprises (MSMEs) across Ethiopia. The figure, according to the bank, reflects only the loans issued under the MESMER program and does not include other MSME-related lending. The
BusinessEthiopia has launched a comprehensive portfolio of investment projects valued at more than $13 billion, signaling a major push to attract private capital across agriculture, energy, manufacturing, finance, and infrastructure. The pipeline, outlined in the newly released “Invest in Ethiopia 2025” Deal Book, includes dozens of projects positioned as “investment-ready,” with financing models ranging from
BusinessDashen Bank has officially introduced a new digital fuel payment solution through its Super App, enabling customers to make seamless fuel payments at participating gas stations. This initiative marks a significant step toward modernizing payment systems in Ethiopia’s fuel distribution sector. According to Dashen Bank’s Acting CEO, Ayele Teshome, the new service allows customers to
BusinessSafaricom Ethiopia has reported a significant improvement in its performance for the fiscal year ending March 31, 2025, citing increased service availability, expanded infrastructure, and stronger community integration as key drivers. Despite short-term macroeconomic challenges, the company posted solid growth across its telecom and mobile money operations. Customer Growth and Network Expansion The telecom operator
Banking & FinanceEthiopia’s Council of Ministers held its 44th ordinary meeting and came out swinging with a series of important decisions that touched everything from green economy funding to tariff regulations, air agreements, and even foreigners buying land — yes, that last one raised some eyebrows too. 1. Money Talks: Italy and IDA Loans Get the Green
BusinessAfter a year-long delay and years of speculation, Boeing Co., the world’s largest aerospace company, has officially opened its first dedicated Africa office in Addis Ababa — a historic move that not only underscores Ethiopia’s rising status in global aviation but also signals a new chapter in Boeing’s African strategy. The inauguration ceremony, held at
