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The construction of the 3.6 billion dollar fertilizer plan is coming to fruition. The latest development surfaces five years after the Moroccan state-owned conglomerate, OCP Group, formed a joint venture (JV) to establish a 3.6 billion dollars worth fertilizer plant in Dire Dawa, 456km away from the capital. Last week, a final agreement was signed […]

Ethiopia’s commercial banks secure half a billion dollars in loan facility from the African Export & Import Bank (Afreximbank). The pan-African financier availed the facility through its scheme dubbed Trade Facilitation Program. It was launched three years ago with the aim of boosting the financial soundness of African banks that are unable to secure credit

Interested investors can now submit their proposals, should they want to buy 40pc shares of ethio telecom, the Ministry of Finance announced. The request for proposal (RFP) document costs 20,000 dollars, up from the 15,000 dollars fee charged by the government of Ethiopia for the telecom license bid. Prime Minister Abiy Ahmed hopes the privatization

Food inflation surged to 37 percent, the highest in 10 years, Birrmetrics confirmed. Last week, Eyob Tekalign, State Minister of Finance, admitted the inflationary pressure is becoming out of the government control. “It is our biggest headache to the macroeconomy,” remarked the state minister. Exacerbated by the swift depreciation of Birr and unending upsurge of

A new directive demands commercial banks to surrender 50 percent of foreign currencies secured from exporters and Non-Governmental Organisations (NGOs) to the National Bank of Ethiopia (NBE). The banks are expected to surrender the forex in the first five days of every month at a prevailing exchange rate to the NBE, while they are obliged

The National Bank of Ethiopia (NBE) freezes collateral-based loans for indefinite period of time. The decision is targeted at weakning the parallel market and drying source of cash for it. There has been attempt to dollarize a lot of cash in the last two months, a state of affairs which the officials of NBE want to

Ethio telecom pays one billion birr in dividend to the federal government during the last fiscal year. The state-giant has earned 56.5 billion revenues in the same period, 101 percent of its target and 18 percent up from the preceding financial year. With 56.2 million customers, the company reported an impressive results as it prepares

External lenders extend the repayment period of half a million dollar debt for Ethiopia during the just-ended fiscal year, according to the Ministry of Finance. The relief has been made based on the debt service suspension initiative, which was launched last year by the G20 countries in the aftermath of the coronavirus to contain the

Ethiopia plans to secure one billion dollars from coffee as a drought-hit Brazil faces a fall in production, causing the cost of arabica coffee beans to hit its highest level since 2016. Over 900 million dollars of coffee was exported in the last fiscal year. Though the volume saw a slight decline, the proceed earned

Awash Bank grosses unaudited profit of 5.5 billion Birr in the just-ended fiscal year, enabling it remain the most profitable private financial institution in Ethiopia. The 26-year old bank posted a 46 percent increase in its gross profit, while its outstanding deposit surpassed 100 billion Birr, becoming the first private bank to reach at this