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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 […]

The assets of the Cooperative Bank of Oromia (CBO) surpassed 100 billion birr, the company said in a statement released today. It is the fourth financial institution to surpass the 100 billion Br mark, just next to Awash, Abyssinia and Dashen banks. The 17-year financial institution has more than 8.8 million customers, with a paid-up

Zemen Bank becomes the first financial institution to launch Mastercard Payment Gateway Service in Ethiopia. Launched in partnership with Mastercard, the payment gateway enables customers of the bank to make and receive payments from any parts of the world. A year before, Zemen Bank partnered with MasterCard to introduce the first contactless platinum prepaid card. Abyssinia

Nigerian tycoon Aliko Dangote launches a fertilizer plant constructed at a cost of 2.5 billion dollars. The fertiliser complex is built on a 500 hectare of land at Lekki Free Trade Zone in Lagos, Nigeria. It is Africa’s largest granulated fertiliser complex. With a capacity to produce 3 million tonnes of urea per year, the

Ethiopia is likely to delay its planned floating of Birr for 2022 as officials at the National Bank of Ethiopia want to at least double the country’s forex reserve, which they say is essential to prevent any market distortion after the liberalization the exchange market, according to sources close to Birr Metrics. Ethiopia currently follows

The federal government secures 4.6 billion Br in dividend from state-owned enterprises (SoE) that are under its ownership in the first half of 2021/22. Though it is a little lower than 4.7 billion Br target set to be achieved during the reporting period, it is expected to ease the burden of Prime Minister Abiy Ahmed

Ethiopia spends 1.2 billion Br for the imports of ferttlizer this year, Prime Minister Abiy Ahmed said. The amount is twice what the country spent to import fertlizer in 2020/21. Import-dependent countries, including Ethiopia, has been under stress this year because of the soar in the price of fertlizer in the International market as a

Ethiopia needs three years to finalize the construction of its giant dam on Nile, officials said. The Grand Ethiopian Renaissance Dam, which just started generating power last week, has been under construction for over a decade. Costing the government over 163 billion Br so far, the dam has 13 turbines, one of which with a

The tourism sector received some welcome news lately after government’s homecoming campaign for the diaspora community bear some fruit and the UK removed Ethiopia from its travel red list. Though it remains to be seen whether the latter will prompt many disappointed international travellers to renew their bookings, many diasporas are making a comeback to

Ethiopia wheat production for marketing year 2021/22 is estimated at 4.8 million metric tons, down 300,000 tons (six percent) from last year, according to the forecast of United State Department for Agriculture. Yield is estimated at 2.74 metric tons per hectare, down 1 percent from last year and down 1 percent from the 5-year average,