bussines news

The Development Bank of Ethiopia (DBE) has reduced its bad loans from 57 percent to 6.5 percent, following reforms implemented over the past five years. In the most recent Ethiopian fiscal year, the bank extended loans worth Birr 32 billion and recorded a profit of Birr 5.5 billion. DBE President Yohannes Ayalew emphasized that the …

Development Bank of Ethiopia Reduces Bad Loans to 6.5% Read More »

MIDROC Ethiopia Investment Group and the Bill and Melinda Gates Foundation have entered an agreement to cooperate in various domains of agriculture. The agreement was signed by Mr. Jemal Ahmed, CEO of MIDROC Ethiopia Investment Group, and Bill Gates, founder and chairman of the Bill and Melinda Gates Foundation. The two officials have agreed to …

MIDROC Investment Group, Gates Foundation ink MOU Read More »

Ethiopian Airlines, Africa’s leading carrier, has announced the commencement of its new six weekly flights to Dhaka, Bangladesh, starting November 1, 2024. In a press release issued today, the Airline stated that the new service will be operated with the state-of-the-art Boeing B787 Dreamliner, offering passengers a comfortable and seamless travel experience. This new route …

Ethiopian Airlines bridges continents with new Dhaka route Read More »

The National Bank of Ethiopia (NBE) has finalized the licensing process for Independent Forex Bureaus, allowing more businesses and individuals to legally engage in the country’s foreign exchange market. In July, the NBE introduced Foreign Exchange Directive No. FXD/01/2024, establishing guidelines for businesses seeking to operate as forex bureaus. Eligible entities must be legally established …

Ethiopia: NBE Completes Licensing for Independent Forex Bureaus Read More »

The Ethiopian Construction Works Corporation (ECWC) has reported a revenue of Birr 11.84 billion for the 2023/2024 fiscal year, surpassing its target of Birr 11.78 billion. The corporation’s profit before tax reached nearly Birr 1.4 billion, marking an 81% increase in revenue and a doubling of profit compared to the previous year. ECWC CEO Yonas …

Ethiopian Construction Works Corporation Exceeds Revenue Target with Birr 11.8 Billion Read More »

Hawassa Industrial Park saved over USD 13.9 million in the 2023/24 fiscal year by replacing imported products with locally manufactured goods, according to the park’s General Manager, Mathews Ashenafi. Since 2020, the park has replaced more than USD 33.7 million worth of imports. Additionally, the park reported USD 44.2 million in export earnings for 2023/24, …

Ethiopia: Hawassa Industrial Park Saves USD 13.9 Million by Replacing Imports with Local Products Read More »

Kegna Beverages S.C., a local beverage company, has announced that the first phase of its brewery project in the West Shoa Zone of Oromia State is nearing completion. The company, initially established with a capital of Birr 1.5 billion, has since grown to an investment of Birr 5 billion. Situated on 109.075 hectares of land, …

Ethiopia: Kegna Beverages Nears Completion of Brewery Project Read More »

The Ethiopian Insurance Corporation (EIC) announced a pre-tax profit of over Birr 1.6 billion for the 2023/24 fiscal year. The corporation revealed its achievement during its 37th annual meeting with senior management. The profit marks a 7.5% increase compared to the company’s projections and a 15% rise from the previous year’s results. EIC also recorded …

Ethiopian Insurance Corporation Reports Birr 1.6 Billion Profit Read More »

The Ethiopian government encouraged Chinese investors to explore opportunities within the country’s industrial parks and its first free trade zone. The invitation was made by Fisseha Yitagesu, chief executive officer of the Ethiopian Industrial Parks Development Corporation (IPDC), and other senior Ethiopian officials during a recent investment promotion meeting. Fisseha said that Chinese investors currently …

Chinese investors invited to explore opportunities in Ethiopia’s Industrial Parks Read More »

 Ethiopia’s Coffee and Tea Authority (ECTA) has announced a record-breaking 1.43 billion USD annual revenue from the export of coffee products in the 2023/24 fiscal year. This marks the first time Ethiopia has achieved such high revenue from coffee exports. According to Mr. Sahle-Mariam Gebre-Medihn, the Head of the Public Relations and Communications Department at …

ECTA posts historic $1.43B revenue from coffee exports in 2023/24 FY Read More »