In an effort to address the significant housing demand and supply gap in Ethiopia, the government has announced plans to partner with private developers for the construction of 79,800 affordable housing units through public-private partnership (PPP) arrangements. The initiative comes as a response to the shortcomings of the previous low-cost condominium housing project, which aimed […]
Ethiopia, one of Africa’s second most populous countries, has become the third nation on the continent to default on its international government bond in the past three years. On Tuesday, Ethiopia failed to make a $33 million “coupon” payment on its sole international bond, officially declaring its intention to go into default. The country has
Ethiopia Enters Official Default: $33 Million Bond Payment Missed Read More »
Ethiopia’s foreign direct investment (FDI) has experienced a troubling decline, while Uganda has witnessed a record-high inflow of investments and Kenya has seen a remarkable surge. Ethiopia, once a promising investment destination, has faced a sharp drop in FDI over the past three years from over three billion dollars to 600 million dollars. Ernst and
Ethiopia’s FDI Plunges, Uganda Breaks Records with Inflow of Foreign Investments Read More »
BitCluster, a prominent Russian Bitcoin mining solutions provider, is on the edge of commissioning a cutting-edge Bitcoin mining data center in Ethiopia. The launch of the 120-megawatt (MW) facility, slated for January 2024, is set to position Ethiopia as a major contender in the global Bitcoin mining industry.BitCluster’s ambitious project has centered around the construction
Russian Company to Commission 120 MW Bitcoin Mining Data Center in Ethiopia Read More »
The Independent Regulatory Board (IRB) established to interconnect East Africa’s 13 electricity regulators has relocated its secretariat from Ethiopia to Uganda. The secretariat transition follows a $5.4 million grant from the African Development Bank to support the body’s operations. It came a year after members of IRB, which oversees the Eastern Africa Power Pool (EAPP),
East Africa Power Regulators Move Secretariat from Ethiopia to Uganda Read More »
Ethiopia has established a committee to oversee its participation in the African Continental Free Trade Area (AfCFTA). The National AfCFTA Implementation Committee will coordinate the country’s implementation of and compliance with the trade agreement. This follows Ethiopia’s submission of its initial tariff offers for goods traded under AfCFTA. The secretariat responsible for AfCFTA has verified
The African Development Bank (AfDB) warned that Ethiopia’s failure to properly address an assault on two of its staff could negatively impact the Bank’s $1.24 billion portfolio in the country and future presence, potentially disrupting development work. The AfDB has announced it is withdrawing all its international staff from Ethiopia immediately, in the wake of
Diplomatic Row Sparks AfDB Withdrawal, $1.24B in Aid to Ethiopia in Question Read More »
The fourth round of negotiations on the Grand Ethiopian Renaissance Dam (GERD) between Egypt and Ethiopia has ended in a stalemate, with both countries expressing differing perspectives on the outcome. Following the conclusion of the negotiations on December 19, 2023, Egypt’s Ministry of Irrigation stated that the talks in Addis Ababa “did not yield any
Stalemate Continues in Grand Ethiopian Renaissance Dam Negotiations Read More »
Ethiopia is currently in discussions with the International Monetary Fund (IMF) regarding a potential $3.5 billion loan deal, Reuters reported, citing knowledgeable sources. The financing would support Ethiopia’s homegrown economic reform agenda, which includes introducing a market-led foreign exchange regime and addressing macroeconomic challenges. Ethiopian officials indicated during a recent call with international bondholders that
Ethiopia in Talks with IMF for Potential $3.5 Billion Loan Deal Read More »
Geda Bank, a newly established financial institution, has announced a net loss of 87 million birr in its first year of operation. The bank, which commenced operations in August 2021 with a paid-up capital of 550 million birr, managed to collect 1.6 billion birr in deposits over the course of the year. Geda Bank faced
Geda Bank Incurs 87 Million Birr Loss in First Year of Operation Read More »
