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Somalia has been admitted as the eighth full member of the East African Community (EAC) after joining the bloc today. The decision to admit Somalia was taken at an extraordinary summit of EAC heads of state in Arusha, Tanzania. The EAC launched a verification process earlier to assess Somalia’s suitability and level of conformity with […]

The Ministry of Trade and Regional Integration has extended the registration deadline for exporters of khat to renew their export licenses. In early November, the Ministry had announced new pre-licensing qualification criteria for both current khat exporters and new businesses seeking licenses. Exporters were originally given until November 25th to renew their licenses by fulfilling

The Ethiopian Electric Power (EEP) announced plans to significantly boost the country’s power generation capacity over the next three years. According to EEP’s Corporate Planning Department, Ethiopia is set to increase installed power generation capacity to 8,956 megawatts by the end of the implementation period of the new strategic plan spanning 2023 to 2025. Wondwossen

EthSwitch, the national switch operator, has reported historic high earnings per share during the last fiscal year. The company’s earnings per share reached an impressive 719 birr, which is double the average amount paid to shareholders by banks operating in the country. EthSwitch, owned by commercial banks and microfinance institutions, plays a crucial role in

Ethiopia has successfully finalized a two-year debt suspension agreement with China, providing a much-needed respite from its financial challenges. Concurrently, the Ethiopian government has taken proactive steps by reaching out to holders of a Eurobond maturing in December 2024 to initiate discussions on debt restructuring, further addressing the nation’s economic concerns. Since Prime Minister Abiy

Mohammed Al-Amoudi, Ethiopia’s richest businessman, has experienced a substantial increase in his net worth over the past three weeks according to data from the Bloomberg Billionaires Index. Al-Amoudi’s wealth jumped $2.83 billion from October 21 to November 11, 2023, surging from $5.03 billion to $8.18 billion. This growth in his fortune underlines the strong performance

Ethiopian Airlines Group, the largest airline in Africa, has signed a landmark deal with Boeing to purchase up to 67 new aircraft, representing the largest order ever placed with Boeing by an African carrier. The agreement signed at the Dubai Airshow sees Ethiopian place a firm order for 11 Boeing 787 Dreamliner and 20 Boeing

Ethiopia’s digital payment landscape received a major boost today with the launch of the National Payment Gateway (NPG) by EthSwitch. At an event held in Addis Ababa in the presence of its CEO Yilebes Addis, EthSwitch unveiled its newly developed NPG platform, which is set to revolutionize how online transactions are processed across the country.

The Ethiopian Fuel & Energy Authority is getting tough on gas stations flouting the rules around fuel distribution. In a significant enforcement action, the agency last week sanctioned 97 fuel retailers in the capital and nearby areas. Forty stations were hit with one-month suspensions, while 57 others received written warnings.  The penalties stem from an