A China-based bank has pledged USD 500 million to support the development of the proposed Bishoftu International Airport, according to Ethiopian Airlines Group (EAG) CEO Mesfin Tasew Bekele. The announcement marks an important step forward for the multi-billion-dollar project, Ecofin Agency reported. Mesfin revealed the commitment in Rabat, Morocco, during the 2026 Africa Investment Forum.
Ethio telecom has launched its third superfast electric vehicle (EV) charging station in Addis Ababa. The new station, opened today in the Summit Fyele Bet area, can charge 16 cars at the same time, boosting the company’s growing EV charging network. At the launch event, Ethio telecom’s CEO said the project reflects Ethiopia’s wider digital
Ethiopian conglomerate Ovid Holdings is exploring investment opportunities in Cameroon, according to the Cameroonian Chamber of Commerce, Industry, Mines and Crafts (Ccima). Founded in 2013 with a capital of $15 billion, Ovid Holdings is visiting Cameroon from November 23 to 28. The group is looking at sectors such as construction, mining, infrastructure, agribusiness, and real
Ethiopia’s coffee industry is recording some of its best performance in years. New data shared at the National Coffee Exhibition and Recognition Program, held at the Science Museum in Addis Ababa, shows that coffee production, exports, and foreign-exchange earnings have all improved sharply. Top government officials, including Deputy Prime Minister Temesgen Tiruneh and Minister of
Safaricom Telecommunications Ethiopia PLC has appointed Ethiopian executive Ermias Eshetu as Chairman of its Advisory Board, the company said on Thursday, marking a significant step in its strategy to increase local leadership within the fast-growing telecom operator. Ermias, who became the first Ethiopian to join the Advisory Board in March 2025, assumed the chairmanship on
Ethiopian Airlines has committed to purchase 11 additional Boeing 737-8 MAX aircraft, expanding the African carrier’s narrow-body fleet as it seeks to grow regional and international operations, the companies said on Monday. The agreement was signed at the Dubai Airshow and will support the airline’s long-term network and hub expansion strategy, Ethiopian Airlines Group CEO
KEFI Gold and Copper PLC said it is on track to begin construction at its Tulu Kapi gold project by the end of next year after securing key financing and reaching agreement with project partners. The company said its full development plan for the high-grade deposit has been approved by its syndicate, clearing the way
Ethiopia will introduce a combined 30% tax on petroleum products next month, the Ministry of Finance said, as the government accelerates reforms to phase out long-standing fuel subsidies and boost domestic revenue. The new levy — made up of a 15% value-added tax and a 15% excise duty — will be collected by the Ethiopian
A new audit by the Office of the Federal Auditor General (OFAG) has exposed serious financial management breaches at the Ministry of Finance, including the collection of over 15.1 billion birr in revenues not recorded in the government’s 2023/24 approved budget. According to the report, led by Auditor General Meseret Damte, the Ministry collected substantial
The IMF has renewed its warning to Ethiopia over the currency risks tied to repaying Chinese loans in yuan, even though the arrangement was agreed upon months ago. So, why the concern now? Because while shifting repayments from US dollars to yuan seemed like a smart cost-cutting move at first, the macroeconomic picture has worsened.
Grant funding has long been heralded as a vital lifeline for Africa’s entrepreneurial ecosystem, a source of non-dilutive capital that allows early-stage ventures to take risks, test innovations, and pursue social impact missions in environments where access to finance remains constrained. But beneath its promise lies a complex duality. While grants can catalyze progress, open
Awash Insurance S.A. has made history by becoming the first private insurer in Ethiopia to record a pre-tax profit surpassing 1 billion birr—a milestone marking its 31st consecutive year of profitability. At its 31st Annual General Meeting held on October 22, 2025, the company announced a 27% increase in gross profit compared to the previous
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