Exporters will now need to demonstrate annual earnings of over $500,000 or risk losing their operating licenses, under rules aimed at stimulating growth in overseas shipments of the cash crop. Facing a significant decline in revenues from its once-lucrative khat export business, Ethiopia’s Ministry of Trade and Regional Integration has unveiled a stringent set of […]
Khat Export License Renewals Now Contingent on $500K Sales Read More »
After over two years of stalled progress under the G20 Common Framework process, Ethiopia has achieved a breakthrough in its efforts to restructure debts with bilateral creditors. Ethiopian Prime Minister Abiy Ahmed met with Saudi Crown Prince Mohammed bin Salman today, where an agreement was reached for Saudi Arabia to assist Ethiopia with debt restructuring.
Ethiopia Secures Bilateral Support from Saudi Arabia on Debt Restructuring Read More »
The African Export-Import Bank (Afreximbank) has announced its intention to establish a $1-billion African Film Fund in 2024, aimed at supporting the film industry across the continent. Kanayo Awani, Executive Vice President of the Intra-African Trade Bank at Afreximbank, made the announcement during the opening of the 2023 CANEX Summit, held as part of the
Afreximbank Plans $1 Billion African Film Fund to Boost Continent’s Film Industry Read More »
In a bid to enhance bilateral trade and strengthen economic ties, India is urging Ethiopia to consider settling trade transactions in local currency. The call came during the successful conclusion of the 6th Session of the India-Ethiopia Joint Trade Committee (JTC), held in Addis Ababa from November 6-7, 2023. Co-chaired by Priya P. Nair, the
India Urges Ethiopia to Explore Local Currency Settlement for Trade Read More »
The Ministry of Trade has announced all khat exporters must obtain new licenses by November 25th in a bid to reverse falling revenues from the cash crop. Once among Ethiopia’s top five export earners, khat generated over $400 million a decade ago but only $248 million last year. In addition to declining sales, Ethiopia has
Ministry Mandates Relicensing to Reverse Declining Khat Export Revenues Read More »
Ethiopian Airlines Group has leased a used Boeing 737-800 from BOC Aviation to deploy on routes of its strategic partner Asky Airlines. The aircraft is powered by CFM56 engines and has been delivered to Ethiopian Airlines to support the airline’s expansion plans. Ethiopian Airlines Group CEO Mesfin Tasew said the new arrival will be deployed
Ethiopian Airlines leases Boeing to boost Asky’s network from Singapore lessor Read More »
The Ministry of Trade & Regional Integration has banned products from SVS salt manufacturing plc, an Ethio-Turkish joint venture, and issued a consumer safety warning. A routine inspection found SVS iodized salt, produced by the largest privately held salt processor in Ethiopia, failed to meet national quality standards. In a statement, the Ministry said testing
Ethio-Turkish Top Salt Maker Banned Over Standards Failure Read More »
Tilahun Kassahun has been selected as the founding CEO of the Ethiopian Securities Exchange (ESX) as the organization prepares for launch. The appointment was approved at the latest board meeting chaired by Helaway Tadesse. The board expressed confidence that Tilahun’s expertise will pave the way for ESX’s success. Tilahun takes the reins during a period
New Chief Takes the Helm at Ethiopia’s Emerging Stock Exchange Read More »
Fitch Ratings’ cut of Ethiopia’s sovereign credit rating to just above default reflects the mounting risk that the country is running out of cash, as foreign exchange reserves dwindle to under a month’s worth of payments while delays in securing debt relief leave large financing gaps unplugged. Fitch Ratings has downgraded Ethiopia’s Long-Term Foreign-Currency Issuer
Fitch Flags Debt Default Danger as Ethiopia Rating Sinks to Near Default Read More »
Ethiopian Airlines, which owns a 49% stake in Malawi Airlines, has provided the national carrier of Malawi with another Boeing 737 aircraft to help boost its capacity and enable its expansion into new regional markets. Malawi Airlines (3W) took delivery of a 118-seat Boeing 737-700 aircraft sourced from Ethiopian Airlines on October 23rd. Registered as
Ethiopian’s Boeing 737 Delivery Enables Malawi Airlines to Scale New African Heights Read More »
