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BusinessEthiopia has expanded its maritime fleet with the acquisition of six new ships, a move officials say will strengthen the country’s ability to manage critical imports and reduce reliance on foreign carriers. The vessels, procured by state-owned Ethiopian Shipping and Logistics (ESL), include two bulk carriers with a capacity of 62,000 tonnes each, nearly matching
Banking & FinanceThe International Finance Corporation (IFC) said on Monday it has issued a $10 million equivalent loan in Ethiopian birr to VisionFund Microfinance Institution, marking its first local currency loan to Ethiopia’s financial sector. The financing is the first tranche of a planned $30 million equivalent commitment, with $20 million to come from IFC’s own account
BusinessEthiopian Investment Holdings (EIH), the state’s sovereign investment arm, said its portfolio of state-owned enterprises generated 2.05 trillion birr ($35.7 billion) in revenue during the 2017 financial year, with net profit before tax rising 88% to 262.7 billion birr. Transport and logistics firms, led by Ethiopian Airlines, accounted for the largest share of profit before
Banking & FinanceA delegation led by Ato Abe Sano, President of the Commercial Bank of Ethiopia (CBE), has arrived in Dubai for a series of strategic consultations with the Ethiopian diaspora and international financial institutions. During his visit, Ato Abe Sano emphasized the importance of engaging the diaspora community in Ethiopia’s ongoing economic transformation. “Despite the large
BusinessEthiopia has taken a giant step toward transforming its agricultural future. On Thursday, Ethiopian Investment Holdings (EIH), the government’s sovereign investment arm, and Nigeria’s Dangote Group signed a landmark shareholders’ agreement to build one of the world’s largest urea fertilizer production complexes in Gode, Somali Regional State. The $2.5 billion project is designed to change
BusinessEthiopian Investment Holdings (EIH), the country’s sovereign wealth manager, continued its annual performance dialogue on day two, with updates from its hospitality, power, and engineering portfolio companies. The reviews underscored steady revenue growth in hotels, strong expansion in electricity access, and rising regional ambitions in engineering services. Hospitality SectorGhion Hotel and Spa, one of Addis
BusinessEthiopian Investment Holdings (EIH) kicked off its annual performance dialogue this week, and day one packed a double feature: the heavyweight Ethiopian Shipping and Logistics (ESL) and the Ethiopian Sugar Industry Group (ESIG) with its three flagship factories. Together, they set the tone for a year of growth and a glimpse at the work still
BusinessEthiopia is on the move, and the engines of that progress are turning at full speed at Ethiopian Electric Power (EEP). For the 2025/26 fiscal year, the state-owned utility has approved a 251 billion birr budget, with the majority over 70% dedicated to building and expanding the nation’s energy infrastructure. But this isn’t just any
BusinessThe Ethiopian Diaspora Trust Fund (EDTF) has added four new members to its board. They bring experience in aviation, finance, construction, advocacy, and development. EDTF started in 2018. Its goal is to bring Ethiopians living abroad together to support projects at home. The fund invests in areas such as education, healthcare, technology, and agriculture. Earlier
BusinessIn a deal that signals Ethiopia’s aviation ambitions are about to hit full throttle, the African Development Bank (AfDB) has committed up to $500 million towards the construction of the Abusera Mega Airport — a project that could redefine air travel in Africa. When completed in 2029, this colossal hub near Bishoftu, just 45 kilometers
Banking & FinanceIn the bustling markets of Ethiopia, where roadside stalls and small kiosks have long been the beating heart of local commerce, a quiet digital revolution has been unfolding for over a decade. At the center of it all is Oromia Cooperative Bank’s bold innovation, the “Michu” digital unsecured loan service. Since its launch in 2014,
BusinessIn a year marked by both progress and persistent challenges, Ethiopian Electric Power (EEP) announced that over 33% of the country’s total electricity generation in the 2017 fiscal year came from the Grand Ethiopian Renaissance Dam (GERD), a landmark infrastructure project steadily transforming Ethiopia’s energy landscape. In its annual performance report, EEP revealed that it
