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Zemen Bank has announced that it has reached the minimum paid-up capital requirement set by the central bank three years ahead of the deadline. The bank’s paid-up capital now stands at Birr 5 billion, reflecting a significant increase of Birr 1.36 billion or 37.2 percent compared to the previous year. Zemen Bank’s capital adequacy ratio […]

Ethiopia’s largest private lender, Awash Bank, achieved record foreign exchange earnings of $1.49 billion in the past fiscal year, signaling continued strength despite challenges facing the country’s trade sector. The East African nation saw overall export proceeds decline from $4 billion to $3.6 billion in 2022/23 as global economic conditions tightened, restricting trade, according to

Ethiopia has sealed a landmark $600 million deal to build what will be the Horn of Africa’s largest onshore wind farm. The Ministry of Finance signed an agreement today with UAE-based renewable energy developer AMEA POWER to construct the mammoth 300 MW Aysha Wind Power Project.  Located in the country’s Afar regional state, the wind

Ahadu Bank, one of the late entrants in the banking industry, has announced a net loss of 267.7 million birr for its inaugural fiscal year ending in 2022/23. The young institution entered Ethiopia’s banking sector in July 2022, almost a decade after many of its competitors. As a new player working to establish itself, Ahadu

The Paris Club Creditors has welcomed the agreements reached between Ethiopia and its official bilateral creditors to provide the country with a temporary debt standstill. However, if a Staff-Level Agreement (SLA) has not been reached between the Ethiopian authorities and the IMF by 31 March 2024, the Official Creditor Committee (OCC) reserves to right to

Ethiopia’s Minister of Mines, Habtamu Tegegn, declares lithium as the next fuel, signaling a top priority for the nation’s mining sector. With investor interest soaring, Ethiopia aims to seize the potential of this vital component in the global market, according to him. Minister Habtamu’s remarks come as numerous investors express a keen interest in engaging in lithium

In a major development, Ethiopia has gained over $1.5 billion in savings from approved debt relief, as National Bank Governor Mamo Mihretu announced while presenting the regulatory body’s first quarter report of the current fiscal year. Addressing parliament today, Mamo revealed international creditors have granted Ethiopia a temporary suspension of debt repayments totaling billions through

Ethiopia’s central bank governor has disputed the reasons given by the country’s only foreign-owned financial services company for its decision to wind down local operations. Ethio Lease, Ethiopia’s only foreign-owned financial services company, recently announced plans to voluntarily liquidate its operations in the country. Ethio Lease commenced operations in 2019 after obtaining the first-ever non-domestic

French telecommunications giant Orange has withdrawn its bid to acquire a minority stake in Ethiopia’s state-owned telecom firm Ethio Telecom, dealing a setback to the country’s plans to partially privatize the monopoly phone operator. In a statement seen by Reuters on Monday, Orange said it had decided to end its participation in the tender process

In a remarkable achievement, Goh Betoch Bank, Ethiopia’s first private mortgage bank, has announced that its loan book has exceeded the billion birr mark, underscoring its rapid growth within a short span of time. However, an unexpected trend has emerged as commercial loans dominate the bank’s portfolio, deviating from its original mission. According to the