Business News - Ethiopian News

Ethiopia Allows Foreigners of Ethiopian Origin to Engage in Insurance Business

By Staff Reporter

Diaspora-finance-EthiopiaNovember 5, 2019 (Ezega.com) -- The Ethiopian parliament has lifted a ban that prevented foreign nationals of Ethiopian origin from engaging in insurance and finance businesses. Foreign nationals of Ethiopian origin can now engage in insurance and microfinance businesses.

In its 3rd regular session on Tuesday, November 5, 2019, the parliament unanimously approved the amended insurance business proclamation, allowing foreign nationals of Ethiopian origin to participate in the country’s insurance sector.

The most probable reason for the Ethiopian government to prevent foreigners but

Mastercard Foundation Initiative Aims to Create 10 Million Jobs by 2030

By Staff Reporter

Young-Africa-Works-EThiopiaOctober 30, 2019 (Ezega.com) -- Over 10 million young people are expected to access dignified and fulfilling work opportunities in Ethiopia by 2030, according to a new job-creation initiative launched by Mastercard Foundation.

Named Young Africa Works in Ethiopia, the initiative by Mastercard Foundation will seek to create employment opportunities for Ethiopian youth in partnership with Ethiopia’s Jobs Creation Commission (JCC). Mastercard Foundation has committed an initial USD 300 million for the project.

Young Africa Works in Ethiopia is aligned with the Ethiopian government’s pl

Ethiopian Earnings from Gold Dwindles to Just $32M, a Record Low

By Staff Reporter

Gold-EthiopiaOctober 10, 2019 (Ezega.com) -- Ethiopia has reported declining revenue from export of gold over the years, the latest being a record low of just $32 million this year, the country’s Ministry of Mines and Petroleum has disclosed.

In a presser he gave on Thursday October 10, 2019, an advisor to the Ministry of Mines and Petroleum, Tewoldeberhan Abay, said the country’s earnings from the export of gold have dwindled over time from $445 million in 2014 to $32 million this year.

The advisor attributed the devastating earning from the resources to ever increasing contraband trade being carried out at gold extractio

The Booming Hotel Business in Ethiopia

By Staff Reporter

Skylight-HotelOctober 1, 2019 (Ezega.com) -- Ethiopia is becoming East Africa’s new economic giant. The country has become the biggest economy in the region thanks to the dominating agriculture and service sectors which account for much of the country’s gross domestic product.

According to Ethiopian Ministry of Finance and Economic Development, in the current phase of the Growth and Transformation Plan, Ethiopia has planned to reduce the share of the agricultural sector in its Gross Domestic Product in favor of industry and service sectors.

The overall growth of Ethiopia’s economy has come from the expansion of the servic

Addis Ababa Closes over 600 Businesses to Fight Inflation

By Staff Reporter

grain-addis-ababaSeptember 19, 2019 (Ezega.com) -- The Addis Ababa City Government’s Trade and Industry Bureau has shut down more than 609 businesses and warned 2000 others allegedly for contributing to soaring inflation in the capital city.

In a briefing on Thursday, the head of city bureau, Engineer Emdaweq Abate, said shortage of basic goods, involvement of illegal brokers and businesses, as well as soaring contraband trade have caused galloping inflation in the metropolis.

According to the bureau, the contraband trade is widely going on in Addis Ababa where fruits and vegetables are sold at the heart of the city from tru

Ethiopia Launches First Ever Bamboo Development Strategy

By Staff Reporter

Bamboo-EthiopiaSeptember 3, 2019 (Ezega.com)-- Ethiopia has launched the first ever well-organized bamboo development and utilization strategy to exploit its bamboo resources, discloses an official and expert in the field.

Ashebir Wondimu, Senior Forestry Expert and Bamboo Focal Person of the Ethiopian Environment, Forest and Climate Change Commission told Ezega.com during a relevant meeting, the strategy aims to reduce poverty by creating job opportunities, ensuring green economic development and restoring degraded lands due to climate change.

The International Bamboo and Rattan organization (INBAR) has been implementing a bamboo d

Ethiopia Introduces New Economic Reform to Rectify Macroeconomic Imbalance

By Staff Reporter

Eyob-TekalegnAugust 30, 2019 (Ezega.com) -- The Ethiopian government has introduced a home-grown economic reform as part of a solution to rectify the macroeconomic imbalance the nation has faced for some time.

Officials from the Ministry of finance and cooperation have disclosed that the country has faced critical macro-economic imbalance which is being exhibited through record high debt burden, critical shortage of foreign currency and rising inflation.

The ruling Ethiopian People’s Revolutionary Democratic Front (EPRDF) claimed that the Ethiopian economy has been growing by double digits annually for about a decade now, a figu

Should Ethiopia Sell Ethio Telecom?

By Staff Reporter

ethio-telecomAugust 23, 2019 (Ezega.com) – Last year, the government of Ethiopia announced plans to sell some key sectors of the economy, including Ethio Telecom, Ethiopian Airlines, and 13 sugar factories.

Following the announcement, some foreign companies have shown interest in these ventures, especially in Ethio Telecom. They include Vietnam's state-owned telecom company, Viettel, Johannesburg-listed MTN, and France's Orange.

The state-owned telecom monopoly has been earning the government hundreds of millions of dollars annually, contributing to the lion’s share of the country’s annual budget, which has

METEC Asks Ethiopian Government to Cancel Over 24B Birr of Debt

By Staff Reporter

Brigadier-General-Ahmed-HamzaAugust 20, 2019 (Ezega.com) -- Metals and Engineering Corporation (METEC) has requested the Ethiopian government to cancel its debt of more than 24 billion, money that the corporation borrowed from the Commercial Bank of Ethiopia (CBE).

The Corporation was established ten years ago by the Council of Ministers to advance Ethiopia’s industrialization drive. However, it has been a target of blame for lack of capacity, wastefulness and delays of mega projects, including the GERD.

Director General of the corporation Brigadier General Ahmed Hamza told local media on Tuesday that t

Ethiopia to Import Four Million Quintals of Wheat to Ease Soaring Inflation

By Staff Reporter

Inflation-EthiopiaAugust 17, 2019 (Ezega.com) -- Ethiopia is set to import four million quintals of wheat until the first week of September 2019 as part of an effort to ease the burden of souring inflation on the public, an official has said

Briefing journalists on Saturday, Public Relations Director of the Ministry of Finance and Economic Cooperation Haji Ibsaa said prices of food items, mainly wheat and other grains, have soared since June this year.

According to the Director, inflation rate on food items was reported 19.6 in June and 20.1 percent in July 2019. Similarly, the prices of food oil and sugar have increased for no

Ethiopian Government Licenses First Foreign Leasing Company

By Staff Reporter

Girma-Wake

August 8, 2019 (Ezega.com) -- The government of Ethiopia has licensed the first foreign leasing company called Ethio Lease to provide equipment leasing and financial solutions to different businesses in the country.

Ethio Lease is a subsidiary of Africa Asset Finance Company (AAFC), a US-headquartered equipment finance company that owns and operates a group of companies that provides asset backed lending and leasing services through Africa.

Talking about the significance of the launch of Ethio Lease, board chairman of the Ethio Lease Girma Wake said "leasing high equipment could have potentially transformative i

Ethiopia to Allow Ethiopian Diaspora to Invest in Banks

Banking-EthiopiaJune 16, 2019 (Ezega.com) -- The Ethiopian parliament is discussing a new bill meant to allow foreign nationals of Ethiopian origin to engage in the banking and financial services sector, according to the Ethiopian Reporter.

The new bill will amend the existing, restrictive banking and financial services proclamation, according to the report.

The bill has been tabled before the House of People’s Representatives (HPR) for approval.

The existing law bars Ethiopian-born Diasporas with foreign passports from opening banks, subsidiaries, or acquire shares in Ethiopian banks.

Last year, foreign nationals of Ethiopian origin

Tigray Appoints CEO of Ethiopian Airports Deputy Mayor of Mekelle City

CEO-AirportsMay 18, 2019 -- Tigray regional state has appointed the Chief Executive Officer (CEO) of Ethiopian Airports Enterprise, Tewodros Dawit, as Deputy Mayor of Mekelle city, according to the Ethiopian Reporter.

Tewodros Dawit has served as the CEO of Ethiopian Airports Enterprise for several years.

He was appointed deputy CEO of Ethiopian Airports in 2010 and its CEO in 2013, replacing Shiferaw Alemu, the former CEO.

Ethiopian Airports Enterprise is responsible for the construction and administration of airports in the country. The enterprise administers 23 airports, of which four are international.

It is unknown why Tewodros Dawit

Hyundai, the Latest Entrant to Ethiopian Automobile Market

Haile-Gebresilassie-HyundaiFebruary 22, 2019 (Ezega.com) - South Korea’s Hyundai Motor Company is the latest vehicle manufacturer to set up camp in Ethiopia after Volkswagen. The plant, which is expected to assemble more than 10,000 vehicles annually, is the first in East Africa region.

Despite second-hand vehicles dominating the country’s market, Hyundai is optimistic locally-assembled cars will be attractive due to the costly nature of imported vehicles, where high duties are levied.

According to Haile Gebrselassie--- the former Olympic gold medal champion who’s partnered with the South Korean company--- the assembly plant will

Ethiopian Tourism Revenue Fell Short of Target

Tourism-revenue-misses-targetFebruary 20, 2019 (Ezega.com) - Ethiopia bagged $1.4 billion tourism revenue in the second quarter of the year 2018, falling short of its projected target of $2.7 billion.

Ethiopia’s Minister of Culture, Dr. Hirut Kassa disclosed that the country managed to attain 53% of its target by earning $1.4 billion in the first half of the fiscal year (July-December) last year.
Pertaining the figures, around 380,000 foreign tourists visited the country’s different attraction sites in the said period.

For a long time, Ethiopia has been a destination for international tourists. It has luxurious hotels, attracti

Ethiopia Awards GERD Pre-commissioning Work to Chinese Company

EEP-awards-GERD-Project-CGGCFebruary 18, 2019 (Ezega.com) - The Ethiopian government has signed up a contract with a Chinese company to execute the pre-commissioning activities of the Grand Ethiopian Renaissance Dam (GERD) at a cost of 40.1 million US dollars.

The Ethiopian Electric Power (EEP) signed the agreement with China Gezhouba Group Co. Ltd (CGGC), which is expected to work aggressively in partnership with other companies in order to complete the project on schedule.

CEO of EEP Dr Abrham Belay and Representative of China Gezhouba Group Co. Ltd Ethiopia, Mr Wang, signed the agreement in Addis Ababa.

During the occassion, Dr Abrham

Ethiopia Finalizing Reforms in Mining Sector

Mining-sector-EthiopiaFebruary 5, 2019 (Ezega.com) - According to a statement by the Minister of Mines and Petroleum, Samuel Urkato, Ethiopia is in the final stages of reforming the underdeveloped oil and mining industries. In the next two months, it will have finalized everything as the country hopes to attract more foreign investors.

Regarding the changes instituted, the government has already cut taxes for mining companies as the government aims to ease the dollar deficiency in the country. Urkato said promoting the sector is a priority for the country and they’ll further adopt other tax incentives.

Mining

Ethiopian Airlines Revamping Network; Increasing Flights to Chicago, Washington

Ethiopian-Airlines-Revamping-NetworkJanuary 29, 2019 (Ezega.com) - Ethiopian Airlines that’s the largest aviation entity in the continent and a SKYTRAK licensed 4-star carrier, stated it will revamp its operations in America; opening up new destinations, increasing flights and changing entryways by the summer of 2019.

The new U.S. network intends to offer travelers between America and the rest of Africa the shortest routes and the best connectivity, whether they are on official state visits, vacation or business.
Consequently, flights to Washington D.C. will be increased to ten per week. The three additional flights will depart Addis Ab

Ethiopian Airlines Inaugurates 5-Star Hotel Near Bole International Airport

Ethiopian-Skylight-HotelJanuary 28, 2019 (Ezega.com) - Ethiopian Airlines inaugurated a huge five-star hotel complex near Bole International Airport today.

Prime Minister Abiy Ahmed officially opened the hotel complex, along with the Chairperson of the African Union Commission (AUC), Moussa Faki Mahamat, and senior Ethiopian government officials and public figures.

The hotel, named Ethiopian Skylight Hotel, is located just outside the Bole International Airport perimeter. It was built with the an outlay of 65 million USD, according to reports.

The new hotel was built on a 40,000 square meter lot and has 373 rooms with 27 presidential and exe

Ethiopia Misses Export Targets By Wide Margin

Ethiopia-misses-export-targetsJanuary 26, 2019 (Ezega.com) - Ethiopia has missed export targets by wide margins, according to the Ministry of Trade and Indutry (MoTI) report.

According to the Minister of Trade and Industry, FetleworkGebregziabher, Ethiopia missed the export target of USD 1.96 billion by miles, realizing only 62 percent (USD 1.21 billion) of that target.

According to Fetlework, Ethiopia’s export performance was USD 135 million less than what it had been in the previous year, the same report period. The minister raised specific items such as Khat and Tantalum that fetched better export revenue, at least higher thanw hat was

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