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BusinessEthiopian Investment Holdings (EIH) announced a remarkable performance in the first nine months of the current fiscal year, generating revenues of 1.5 trillion birr—an 86% increase compared to the same period last year. The state-owned sovereign wealth fund, which manages a growing portfolio of 40 public enterprises, plays a central role in the national economy.
BusinessKenya and Ethiopia have officially signed a Memorandum of Understanding (MoU) to enhance collaboration and fast-track the implementation of the African Continental Free Trade Area (AfCFTA) under a Simplified Trade Regime (STR). The agreement aims to boost cross-border trade and foster economic integration between the two neighboring countries. The bilateral deal was formalized during a
BusinessEthiopia has set a new benchmark in its coffee export history, generating a record-breaking US$1.5 billion in revenue during the first nine months of the current Ethiopian fiscal year. The announcement came during a press briefing held on April 15 by H.E. Dr Adugna Debela, Director General of the Ethiopian Coffee and Tea Authority. Dr
Banking & FinanceThe Ethiopian Deposit Insurance Fund (EDIF) has gathered a total of 5.2 billion Birr in premiums from banks and microfinance institutions over the past nine months, showing an 11.1% increase compared to last year. At a press conference, EDIF CEO Desalegn Ambaw said the fund currently protects up to 100,000 Birr per depositor per institution.
BusinessEthiopia has officially entered the digital lottery era with the launch of its first-ever digital lottery system. The historic event took place at Skylight Hotel and brought together a wide range of stakeholders, including CEOs, board members, lottery agents, previous winners, and key government representatives. The digital lottery was launched by Ethiopian Lottery Service CEO
BusinessEthiopian Investment Holdings (EIH), the strategic investment arm of the Ethiopian government, has achieved a significant milestone, securing its position as the largest sovereign wealth fund in Africa and ranking 34th globally, according to the latest data from the Sovereign Wealth Fund Institute (SWFI). With nearly $45 billion in assets, EIH surpasses the Libyan Investment
BusinessThe Commercial Bank of Ethiopia (CBE) has officially launched a MasterCard payment system in collaboration with global payments giant MasterCard. The new system is set to revolutionize digital payment services across the country by providing CBE customers with access to secure, convenient, and globally recognized electronic payment solutions. This development also expands international transaction capabilities,
BusinessThe Grand Ethiopian Renaissance Dam (GERD) has unlocked significant fish production potential, exceeding 14,000 KGs per day, according to Fasil Dawit, Head of the Fisheries Development Desk at the Ministry of Agriculture. Despite Ethiopia’s rich fisheries resources, various challenges have hindered full utilization. However, Fasil noted that targeted efforts are now being made at the
BusinessFuel prices in Ethiopia surged, with gasoline rising to 112.67 birr per liter, while both diesel and kerosene reached 107.93 birr, and jet fuel hit 113.20 birr. These new rates are effective immediately and reflect the latest in a series of price adjustments as the government reduces fuel subsidies, bringing prices closer to market rates
BusinessA promising partnership between Ethiopian Investment Holdings (EIH) and Dodai Group Inc. has come to an amicable end. The two entities jointly announced the termination of a Memorandum of Understanding (MoU) signed on October 21, 2024, aimed at advancing sustainable mobility and job creation in Ethiopia. The decision, revealed today, follows months of in-depth discussions
BusinessIn a decisive move to revitalize its logistics sector, the Ethiopian federal government has granted operational licenses to three companies, effectively dismantling the long-standing monopoly held by the state-owned Ethiopian Shipping & Logistics Services (ESLS). This policy shift heralds a new era of competition, aiming to address critical inefficiencies and high costs that have impeded
BusinessEthio telecom has reported its provisional performance results for the first six months of the Ethiopian Fiscal Year (EFY) 2017 for Ethiopian Investment Holdings. The company reported a 7.9% year-on-year increase in subscriptions, a 43% increase in top-line growth rate, and a 55.5% increase in EBITDA margin/rate. Total revenue for the period reached 61.9 billion
