The United States extends 55 million dollars financial aid to help two million Ethiopian farmers affected by the food insecurity crisis caused by the war between Russia and Ukraine. It is funding that comes as many experience food insecurity challenges caused by the escalating price of commodities due to the war. It is part of […]
Health Authorities in Ghana report first two cases of the deadly Marburg virus, Ebola-like disease. One case was a 26-year-old male who checked into a hospital on 26 June 2022 and died on 27 June. The second case was a 51 -year-old male who reported to the hospital on 28 June and died on the
Ghana Reports Ebola-like Marburg Virus Read More »
The Ethiopian government owes 56.4 billion dollars to domestic and external lenders, a new report by the Ministry of Finance shows. Of the total amount, the share of external lenders reached 28.4 billion dollars. The remaining is borrowed from the central bank and other lenders in the form of treaurey bill and other debt instruments.
Ethiopia’s total debt surpasses $56.4 billion Read More »
Cooperative Bank of Oromia grosses a profit of almost four billion birr during the just-ended fiscal year, helping it retain the top three status the financial institution held in the industry since last year. Industry insiders say the profit will be the third highest in the industry, just next Awash and Bank of Abyssinia, which
Oromia Cooperative Bank Grosses Four Billion Birr Profit Read More »
Inflation is slowing down in Ethiopia, reaching 34 percent in June 2022, the lowest in four-month, according to Ethiopian Statistics Service (ESS). Fall in price of major food commodities contributed for the deceleration. Food inflation slowed from 43.1 percent to 38.1 percent. The non-food component remain unchanged at 28.4 percent. In double-digit for the last
In June, Inflation Dips to 4-month Low, but remain in double-digit Read More »
Ethiopian exporters shipped 1.4 billion dollars worth of coffee during the just-ended fiscal year. It is an achievement that helped authorities surpass the target for the reporting period by 400 million dollars. Number 1 export item of Ethiopia, coffee brought twice export proceeds made from khat. Gold and khat are the second and the third
Coffee brings $1.4 billion in Export Revenue Read More »
Turkish-owned company signed a deal with the Ministry of Mines to begin exploration of natural gas in Ethiopia. Çalık Holding has signed a memorandum of understanding as a first step to invest in Ethiopia, where it pledged to engage in the development of fertilizer plant and gold production. “Today, we have signed three MOUs with
Turkish-owned company to invest in natural gas, fertilizer sector Read More »
G7 countries announced 600 billion dollars infrastructure initiative to help developing countries tackle climate change. It is an initiative taken as the West’s response to China’s massive Belt and Road Initiative (BRI). Beijing has been blamed for trapping low-income countries into debts to be part of its trillion-dollar BRI push, which helps it to expand
A joint venture of investors of the United Arab Emirates are building a new port in neighbouring Sudan with an investment capital of six billion dollars. It is the biggest investment made since the military takeover in Sudan. DAL group chairman, Osama Daoud Abdellatif, a partner in the deal, in an interview with the Reuters,
UAE to Construct $6b Port in Sudan Read More »
Amhara Bank will officially launch operations this weekend with 70 branches, Melaku Fenta, its board chairperson said. A financial institution joining the industry with a record-high capital, Amhara Bank has more than 180,000 shareholders, higher than any other banks in Ethiopia. Armed with a paid-up capital of over 4.8 billion birr, the executives of Amhara
Amhara Bank Opens 70 Branches to Launch Operations Read More »
