staff writer

Ethiopia has suggested it may offer creditors new bonds maturing in 2031 as part of an effort to restructure its outstanding debt, according to details shared with private bondholders this week. In a presentation on Tuesday, the East African nation’s government outlined illustrative terms for a potential bond restructuring, including the issuance of new debt […]

Safaricom Ethiopia PLC, Ethiopia’s first private mobile operator, has appointed Andualem Admassie (PhD) as Chief of External Affairs as its subscriber base surpasses 5 million. Launched in October 2022, Safaricom Ethiopia aims to enhance digital connectivity across the nation through an 850 million dollars investment, representing the largest foreign direct investment in Ethiopia’s telecom sector.

Ethiopia has inaugurated a major new cement plant that officials say will play a key role in supporting the nation’s fast-growing construction industry. Prime Minister Abiy Ahmed (PhD) helped cut the ribbon on Tuesday at the Lemi National Cement Factory, located in the Amhara region. With daily production capacity of 150,000 quintals, the $500 million

Ethiopia has cleared the first test of its ambitious economic overhaul backed by the International Monetary Fund (IMF), securing sign-off from the lender’s staff after waiting over three years. Formal completion of the review by the IMF Executive Board would give Ethiopia access to financing of approximately 345 million dollars, the IMF said in a

Maruti Suzuki faces a product recall in Ethiopia, one of its most important growth markets in Africa, after the local distributor Tamrin Auto announced a problem with the steering system on some S-presso mini-vehicles. This comes as Maruti widens a recall initially launched in India to cover nearly 88,000 units globally. The recall applies to

Government agencies in Ethiopia are spearheading the country’s transition to electric vehicles by replacing their existing combustion-engined fleets with EVs, citing cost savings and policy priorities. The state-owned Ethiopian Electric Power (EEP) this week said it spent over 223 million birr (2.1 million dollars) to acquire five electric buses, six mid-sized buses and two minibuses

State-owned Ethio Telecom announced plans to migrate 100,000 customers from copper to fiber broadband connections in the current fiscal year as part of an ongoing modernization drive. In a statement, the telecoms provider said over 60,000 customers in the capital Addis Ababa will have their connections upgraded in addition to 40,000 in regional areas. The

Safaricom has boosted the speeds of its home broadband plans in Kenya, including the launch of the country’s fastest residential internet – a new top-tier 1000 megabits per second package. The East African nation’s largest telecom firm said the “Platinum” plan offers download speeds of 1,000Mbps for 20,000 Kenyan shillings (155 dollars) per month. Safaricom

State-run Ethiopian Electric Power (EEP) said on Monday its total assets have reached a record high of 709 billion birr (6.6 billion dollars), reflecting the company’s expanding role in developing Ethiopia’s energy sector. Demere Assefa, executive of EEP’s financial division, says the paid-up capital accounts for 586 billion birr of the overall assets, equivalent to