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Minimum Capital Commitment of $75M Required to Operate Special Economic Zone in Ethiopia

Applicants seeking to operate a special economic zone in Ethiopia must commit a minimum of USD 75 million in funding over time, according to a new proclamation passed by Parliament. The capital contribution can come from equity, debt financing, or a combination of the two. The Ethiopian Parliament has approved a new proclamation outlining regulations […]

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Facing Water Crisis, Ethiopian Capital Takes First Steps to Manage Groundwater Extraction

Addis Ababa Water and Sewerage Authority (AAWSA) has introduced new rules to regulate groundwater use, as the Ethiopian capital grapples with a severe water shortage. Addis Ababa, home to over five million people, relies on surface water from dams located outside city limits. However, the supply falls far short of meeting demand. Most residents now

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The Bahamas to Host Africa-Caribbean Summit amid Warnings on Global Trade Threats

The Bahamas will host a key summit seeking to deepen trade links between Africa and the Caribbean. On April 11, 2024, the Government of the Commonwealth of The Bahamas inked an agreement with the African Export-Import Bank (Afreximbank) in which it committed to welcoming key international gatherings next year. The third AfriCaribbean Trade and Investment

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Report Finds Top 10 Accounts Held Around 23.5% of Bank Loans in Ethiopia

The National Bank of Ethiopia’s inaugural Financial Stability Report sheds light on an alarming degree of loan concentration among a powerful few. A mere 10 borrowers collectively account for nearly a quarter of all bank loans. The report found these top ten borrowers from the banking industry monopolized 23.5 percent of total credit as of

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Ethiopia’s Banking Sector Growth Outpaced by Surging GDP: National Bank

While Ethiopia’s banking sector continues expanding, its growth is lagging behind the rapid increases in GDP, according to the National Bank of Ethiopia. Total bank deposits reached 2.2 trillion birr (38.6 billion dollars) by the end of June 2023, an increase of 24.6 percent from the previous year, the central bank reported. Loans and bonds

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Deposit Guarantor Funnels Birr 2.8B Underwriting Cash to Short-Term Government Securities

Ethiopia’s deposit guarantee scheme has deployed the 2.8 billion birr collected from participating banks and microfinance institutions into short-term government securities. The Ethiopian Deposit Insurance Fund (EDIF) funnelled the underwriting cash it accumulated from premium contributions, which is believed to have been invested in Treasury bills. As Treasury bills are currently the only available short-term

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Ethiopia Opens Export, Import, Retail and Wholesale Sectors to Foreigners

In a major policy shift, the Ethiopian government has introduced reforms that will bring sweeping changes to long-standing investment rules, allowing foreign participation in key economic sectors, including export, import, wholesale, and retail trade. The introduction of overseas competition by permitting direct foreign involvement in these sectors marks the end of the period where they

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Zemen Bank Auctions Property from Worku Aytenew’s Struggling Edible Oil Refinery

Zemen Bank announced it will auction a residential property from WA Edible Oil Refinery, one of Ethiopia’s largest refineries. WA Edible Oil Refinery is owned by prominent investor Worku Aytenew. The three-story building in Addis Ababa’s Yeka Subcity spans 1,403 square meters. It will be auctioned on May 10, 2024 with a floor price of

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Finance, Tax Benefits Centerstage in Ethiopia’s Startup Reform Drive

The Ethiopian government has announced an ambitious set of policy reforms aimed at transforming regulations to better support the growth of startups in the country. At an event on April 4th dubbed “Startup Ethiopia,” federal authorities outlined wide-ranging changes across several ministries and agencies that will impact taxation, international payments, access to funding, intellectual property

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