In a significant step toward supporting Ethiopia’s growing electric vehicle (EV) ecosystem, Ethio Telecom has launched an ultra-fast EV charging station along Bole-Megenagna Road in Addis Ababa. This initiative aligns with the company’s vision of driving digital transformation and promoting sustainable mobility. The state-of-the-art facility is designed to meet the increasing demand for fast and
International Monetary Fund (IMF) Managing Director Kristalina Georgieva paid a working visit to Ethiopia, where she met with Prime Minister Abiy Ahmed (PhD) and senior federal officials. She also issued a joint statement with Finance Minister Ahmed Shide, addressing the country’s economic challenges and reform efforts. During her remarks, Georgieva acknowledged the difficulty and time-consuming
In a significant step toward modernization, Ethiopia has launched its Digital Agriculture Roadmap (DAR), designed to leverage digital technology to transform the nation’s agricultural sector. Developed in collaboration with government agencies, experts, and donor organizations, DAR marks a strategic shift in how agriculture will be managed and developed in the coming years. The roadmap adopts
The Ethiopian Parliament approved a $550 million loan agreement aimed at increasing the capital of the Commercial Bank of Ethiopia (CBE). This move is intended to strengthen the state-owned bank, making it more competitive and enabling it to operate effectively within the region. The loan is part of a $700 million financing package provided by
The Ethiopian Commodity Exchange (ECX) has introduced an advanced online trading platform, marking a significant step toward modernizing Ethiopia’s trading systems in line with the country’s Digital Ethiopia 2030 strategy. Since its inception 17 years ago, the ECX has facilitated the trade of over 8 million tons of commodities, generating a revenue of Birr 401.3
The Red Sea’s security challenges have significantly disrupted cargo flow, according to Abdillahi Adaweh, CEO of Djibouti’s Doraleh Container Terminal Management Company. However, he noted recent indications of an improving situation. Djibouti’s ports, which facilitate over 95% of Ethiopia’s import and export trade, lie on the Red Sea—a route accounting for 12% of global trade
Ethiopia has achieved a record-breaking milestone, earning over $1 billion from gold exports within just five months, the Ministry of Trade and Regional Integration (MoTRI) announced. This remarkable achievement is attributed to the country’s ongoing macroeconomic reforms, which have been instrumental in curbing illicit trade and boosting export revenues. Speaking at the third National Anti-Illicit
The National Bank of Ethiopia’s (NBE) Monetary Policy Committee (MPC) held its inaugural meeting on December 31, 2024, marking a significant step in the country’s efforts to strengthen monetary policy frameworks. The MPC reviewed Ethiopia’s macroeconomic performance and proposed measures to sustain price stability and support economic growth. Inflation in Ethiopia has continued to decline,
Ethiopia is undergoing a remarkable transformation in its payment system, driven by a commitment to building a more digital and inclusive economy. Spearheaded by the National Bank of Ethiopia, this journey has been marked by strategic initiatives, regulatory reforms, and the embrace of innovative technologies. The Beginning (2011-2014) The story began in 2011 with the
Safaricom’s journey into Ethiopia represents one of the most ambitious expansions in Africa’s telecommunications history, blending opportunities and challenges in a rapidly evolving market. A Landmark License Announcement On Friday, July 9, 2021, Ethiopia’s Finance Minister announced that Safaricom, through its Global Partnership for Ethiopia consortium, had been awarded the first private telecom license in
Safaricom Plc, Kenya’s largest company by market value, reported an 18% decline in its half-year profit due to the devaluation of the Ethiopian currency, the birr. This depreciation has impacted Safaricom’s operations and bottom line in Ethiopia, resulting in a net income drop to $218 million for the period ending in September 2024, down from
Next week, Ethio Telecom will make history as the first company to be listed on Ethiopia’s newly established stock exchange, with the government planning to sell a 10% stake in the state-owned telecom giant. The announcement was made by Brook Taye, CEO of Ethiopia Investment Holdings, in a statement to Reuters. This development marks a
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