Ethiopian Electric Power Opens $445 Million International Bid for Landmark 62-Story HQ

Ethiopian Electric Power Opens $445 Million International Bid for Landmark 62-Story HQ Addis Ababa, Ethiopia – May 19, 2025 – Ethiopian Electric Power (EEP) has launched an international pre-qualification process for the design and construction of a landmark 62-story headquarters in the heart of Addis Ababa, valued at an estimated $445 million. The mega project will rise in the city’s Mexican neighborhood, on a 20,792-square-meter plot within the Addis Ababa Financial Center. With a planned height of 327.5 meters and a total floor area of 197,800 square meters, the tower is set to become one of the tallest and most iconic buildings in the region. It will be developed under an Engineering, Procurement, and Construction (EPC) contract and is expected to be completed within four years. EEP is targeting internationally reputable contractors with strong financial and technical credentials. To qualify, applicants must demonstrate an average annual revenue of at least $230 million over the past five years and present audited financial reports for the same period. Technically, bidders must have at least a decade of experience and a proven track record of executing large-scale commercial construction projects valued at $370 million or more. Dar Al-Handasah (Shair and Partners) has been appointed as the design and construction supervision consultant for the project. According to officials, the headquarters is expected to transform the Addis Ababa skyline and significantly enhance the city’s commercial infrastructure, while also setting new benchmarks for environmental and engineering standards in the country. The initiative marks one of the largest real estate investments in Ethiopia to date and underscores the government’s ambition to position Addis Ababa as a regional financial and business hub.

Google’s NotebookLM Launches Amharic Support, Enhancing AI Accessibility in Ethiopia

Google’s NotebookLM Launches Amharic Support, Enhancing AI Accessibility in Ethiopia In a significant stride towards inclusivity, Google has expanded its AI-powered note-taking assistant, NotebookLM, to support Amharic, Ethiopia’s official language. This development is part of a broader initiative to make advanced AI tools accessible to a more diverse global audience. NotebookLM, initially introduced as Project Tailwind, utilizes Google’s Gemini 1.5 Pro large language model to assist users in generating summaries and answering questions based on their documents. The platform has been rolled out to over 200 countries, with interface language support extended to 108 languages, including Amharic . A notable feature of this expansion is the introduction of Audio Overviews in more than 50 languages. This functionality transforms written content into spoken summaries, allowing users to engage with information in a podcast-like format. While the complete list of supported languages for Audio Overviews has not been disclosed, the inclusion of Amharic in the interface languages suggests potential support for audio summaries in the language . For Ethiopian users, this means enhanced accessibility to AI-driven tools that can aid in education, research, and professional tasks. The ability to interact with NotebookLM in Amharic can bridge language barriers and foster greater engagement with digital resources. To explore NotebookLM and its new language capabilities, users can visit notebooklm.google.(NotebookLM)

Wegagen Capital Becomes First Trading Member of Ethiopian Securities Exchange

Wegagen Capital Becomes First Trading Member of Ethiopian Securities Exchange In a landmark moment for Ethiopia’s financial sector, Wegagen Capital Investment Bank S.C. has become the first institution to receive a Trading Membership Certificate from the Ethiopian Securities Exchange (ESX). This achievement follows the firm’s recent investment banking license from the Ethiopian Capital Market Authority (ECMA), positioning Wegagen Capital at the forefront of the country’s emerging capital markets. As a licensed trading member, Wegagen Capital is now authorized to facilitate investor participation on the ESX, execute trades on behalf of clients, and contribute to the creation of a transparent and liquid trading environment. This development marks a significant step forward in operationalizing Ethiopia’s capital market and building a more inclusive, modern financial system. The membership certificate was awarded during a ceremony attended by H.E. Hana Tehelku, Director General of ECMA, and Sunil Benimadhu, CEO of the Mauritius Stock Exchange. The milestone comes shortly after Wegagen Capital’s parent company, Wegagen Bank, made history as the first firm to list its shares on the ESX. Now serving both as a listed entity and a licensed market intermediary, Wegagen is uniquely positioned to lead the way in Ethiopia’s capital market transformation. Wegagen Capital’s entry into the trading space is expected to bolster investor confidence, enhance market liquidity, and set a benchmark for other institutions preparing to join the exchange. It also signals the growing alignment between Ethiopia’s financial institutions and the country’s evolving regulatory landscape. As Ethiopia accelerates efforts to build its capital market infrastructure, milestones like this underscore the momentum behind financial reform and the nation’s broader commitment to fostering investment, transparency, and long-term economic growth.

President of Ethiopian Health Professionals Association and Doctors Arrested Amid Growing Tensions

President of Ethiopian Health Professionals Association and Doctors Arrested Amid Growing Tensions The President of the Ethiopian Health Professionals Association, Ato Yonatan Daneye, along with three doctors from Arba Minch General Hospital, has been taken into police custody. This brings the total number of health professionals arrested in Addis Ababa, the Amhara Region, and the Southern Nations, Nationalities, and Peoples’ Region to five. Meanwhile, five others detained in Addis Ababa were released after two days. According to the association’s Vice President, Ato Meles Bata, Ato Yonatan—who has publicly supported the recent movement of health professionals—was arrested on Sunday, May 11, 2025 (Gregorian calendar). Ato Yonatan, a health worker at Bichena Primary Hospital in East Gojam Zone, has been leading the association since its founding in 2015. Speaking to the BBC, Ato Meles stated that Yonatan was taken from his home on Sunday afternoon. “He called me on Saturday and mentioned that both the hospital and local police station were seeking to question him,” Meles said. “He was arrested the following day.” Meles managed to speak briefly with Yonatan after his arrest. While Yonatan indicated that he was not facing serious problems, the call was abruptly cut off before further details could be shared. Meles believes the arrest is connected to the health professionals’ recent collective actions. He cited multiple warnings received by both himself and Yonatan as indicators of targeted pressure. The association had previously issued letters urging health professionals to respond firmly but responsibly to ongoing issues, including salary grievances and working conditions. “We are confident the arrest is linked to the association’s involvement,” Meles added. “Even if others are involved, that is not our concern.” Yonatan is not the only health professional detained in relation to these protests. On Friday, May 09, 2025 (Gregorian calendar), three doctors from Arba Minch General Hospital—Dr. Barnabas Samuel, Dr. Melaku Almau, and Dr. Habtamu Getachew—were arrested, according to their families. All three are also lecturers at Arba Minch University. Family members told the BBC that images of the three doctors participating in Friday’s protest were circulated on social media. Following this, the doctors were summoned to the hospital, where government officials and security forces were reportedly present. They were later arrested and taken to the Gamo Zone Police Station on suspicion of “coordinating the health workers’ movement.” However, Dr. Ambachew Duma, manager of Arba Minch General Hospital, denied the arrests, telling the BBC that he had met with the health professionals and reached an agreement. “No one has been arrested,” he claimed. In Addis Ababa, four health workers were also detained after expressing support for the movement at their health center in the Keraniyo Sub-City of Nefas Silk. The arrests occurred on Wednesday, May 07, 2025 (Gregorian calendar). Among them was Degnesh Tilahun, a community health worker with 30 years of service. Her husband, Rev. Dawit Garuma, told the BBC that police arrived later that afternoon and detained the group at the Jemo Michael Police Station. All four were released on bail on Friday, May 09, 2025, prior to appearing in court, their families said. Later that same day, pharmacist Gebru Melka was arrested while leaving work at the Addis Ketema Sub-City Woreda 9 Health Center. According to a close friend who spoke to the BBC anonymously due to safety concerns, Gebru is currently being held at the Fourth Police Station in the Merkato area. His arrest was reportedly linked to a group photo taken in support of the movement. Gebru was scheduled to appear in the Addis Ababa City First District Court on Saturday, May 10, 2022 (Gregorian calendar). The court granted police five days of the twelve requested for further investigation. Michael Tsegaye, a midwife nurse at the same health center, was arrested a day earlier, on Wednesday, May 3, 2017 (Gregorian calendar). He was released on Friday, May 09, 2025, after two days in custody. Reports also indicate that doctors at Agaro Hospital in the Jimma Zone of Oromia Region were detained and have since been released.

Ethiopian Capital Market Authority Launches Probe into Unlicensed Fundraising Involving Ermias Amelga

Ethiopian Capital Market Authority Launches Probe into Unlicensed Fundraising Involving Ermias Amelga The Ethiopian Capital Market Authority (ECMA) has initiated a formal investigation into alleged illegal fundraising activities involving well-known entrepreneur Ato Ermias Amelga and a company identified as Genesis Investment Services. In an official statement released this week, the Authority revealed that it has received multiple complaints regarding unauthorized public fundraising through the sale of securities. The probe targets various individuals and organizations suspected of operating without proper licenses and bypassing regulatory oversight. Specifically, the Authority confirmed that both Ermias Amelga and Genesis Investment Services are subjects of the investigation. ECMA emphasized that all inquiries will be conducted in accordance with constitutional safeguards, including the right to a fair hearing and legal defense. The Authority urged the public to remain vigilant when engaging in capital market activities, particularly when investing in or establishing commercial entities. Citizens are strongly advised to verify business registration documents with the appropriate government offices and consult only with investment advisors licensed by the Authority before committing any funds. Additionally, ECMA called on the public to report any unlicensed individuals or entities offering capital market services. The Authority affirmed its commitment to enforcing regulations and taking action against all forms of illegal fundraising activities.

National Bank of Ethiopia Sells USD at Average Rate of 132 Birr

National Bank of Ethiopia Sells USD at Average Rate of 132 Birr Addis Ababa, May 7, 2025 — The National Bank of Ethiopia (NBE) sold U.S. dollars at an average exchange rate of 132.9643 birr during its most recent foreign currency auction held today, continuing its new auction-based approach to managing the country’s forex supply. According to the central bank, a total of 16 commercial banks participated successfully in the auction, acquiring the full amount of foreign currency they had requested. The auction offered a total of $50 million in foreign exchange to the participating banks. The weighted average rate of 132.9643 birr per dollar represents a modest increase from the previous auction held 15 days ago, where the average rate stood at 131.70 birr per dollar. This steady upward adjustment reflects the central bank’s ongoing efforts to narrow the gap between the official and parallel market exchange rates and move toward a more market-responsive exchange rate regime. This biweekly auction system, introduced as part of the NBE’s broader monetary policy reforms, aims to increase transparency, allocate foreign exchange more efficiently, and gradually transition toward a more flexible exchange rate mechanism. The auctions are open to all licensed banks, which submit bids based on their foreign currency needs and market demand. In its statement, the National Bank reiterated its commitment to conducting these auctions every 15 days, with the next round scheduled in two weeks. Further details regarding participation, bidding procedures, and allocation will be provided in advance of the upcoming auction. Analysts suggest that the auction-based system may help alleviate some of Ethiopia’s chronic foreign currency shortages by encouraging more realistic pricing and reducing speculative pressure on the black market. However, the gradual devaluation trend could also pose inflationary risks if not matched by fiscal discipline and external support.

Ethiopia’s Hasab AI Launches Groundbreaking Voice Intelligence Platform for African Languages

Ethiopia’s Hasab AI Launches Groundbreaking Voice Intelligence Platform for African Languages Addis Ababa, Ethiopia — May 7, 2025 In a bold step toward tech inclusion and linguistic equity, Hasab AI, an Ethiopian startup co-founded by Kidus Yared, has officially launched a voice intelligence platform built specifically for low-resource and African languages. The announcement was made via LinkedIn, where Yared shared the team’s vision, technical breakthroughs, and the broader mission behind the product. “The future of African language AI starts now,” wrote Yared in a widely celebrated post. “We’re not just transcribing — we’re preserving identity, amplifying culture, and creating infrastructure where none existed.” A Platform That Understands Local Voices At its core, Hasab AI converts spoken audio into usable insight, offering a suite of AI-powered tools for transcription, translation, summarization, and audio tagging. But what sets it apart is its local-first design philosophy, targeting the unique needs of African content creators, call centers, researchers, and developers who have long been underserved by global speech AI systems. According to the company, Hasab AI provides: High-accuracy transcription with speaker separation and time-stamping. Subtitle generation (SRT files) in the original language, with translation options. Call tagging and classification, enabling businesses to track reasons for calls, customer sentiment, and resolution outcomes at scale. Audio summarization tools for organizations managing meetings, interviews, or media content. API access for developers who want to embed Hasab’s features into their own apps or platforms. Whether you’re building a podcast, handling thousands of support calls, or preserving community radio archives — Hasab aims to be the backbone of African audio intelligence. Designed for the Continent — and by It Hasab AI is solving a challenge that Big Tech has largely ignored: the lack of speech AI for Africa’s linguistic diversity. Unlike Western markets that benefit from massive datasets and standard speech patterns, African languages are often fragmented across dialects and underrepresented in global NLP tools. By investing in local language models and training data grounded in regional nuance, Hasab AI is filling a critical infrastructure gap. “This isn’t just about innovation,” said Yared in his post. “It’s about building tools that understand us — our tone, our slang, our silence.” Community Reactions and Momentum The launch has sparked enthusiastic reactions across Ethiopia’s startup ecosystem. Industry leaders, tech professionals, and journalists have praised the product’s impact and ambition. “Real voice intelligence for African languages — this is redrawing the map of inclusion in global AI,” commented Yigermal Meshesha, a fintech executive and early supporter. Others emphasized Hasab’s cultural value, calling it “a bridge between oral tradition and digital technology.” The company also shared that the product is now live and ready for public access via www.hasab.ai. From Research to Real-World Impact Hasab AI’s development journey spanned years of research and months of testing, fine-tuning models to capture the complexity of African speech — from city slang to rural dialects. Co-founded by a team of engineers, linguists, and AI researchers, Hasab AI is part of a growing wave of homegrown African tech solutions aiming to tackle problems at the intersection of language, data, and inclusion. While the team hasn’t yet announced a funding round, insiders suggest investor interest is mounting — especially from those focused on frontier markets and socially impactful AI. What’s Next? With this launch, Hasab AI positions itself as a foundational player in the African language tech ecosystem. The startup is now focused on expanding its language offerings, onboarding enterprise partners, and refining its API to scale adoption across sectors. “We’re just getting started,” said Yared. “If this work helps even a small part of our culture, language, or voice take its rightful place in the global AI ecosystem, then it’s worth every challenge.” Hasab AI is now live. Explore the platform or request a demo at www.hasab.ai.

Ethiopia Ushers in New Era of Banking Reform with Basel-Aligned Capital Directive

Ethiopia Ushers in New Era of Banking Reform with Basel-Aligned Capital Directive Addis Ababa, May 7, 2025 — Ethiopia’s banking landscape is undergoing a major transformation as the National Bank of Ethiopia (NBE) unveils its most comprehensive regulatory reform yet. In a decisive move to modernize and fortify the financial sector, the NBE has issued Directive No. SBB/XX/2025, establishing Risk-Based Capital Adequacy Requirements for all banks operating within the country. This reform marks Ethiopia’s full-scale shift toward Basel II and Basel III international banking standards, putting the nation’s regulatory environment on par with those of global financial centers. It signals the government’s commitment to long-term economic stability, financial inclusion, and responsible credit expansion. 🧱 A Stronger Capital Foundation: What the Directive Requires The directive introduces a three-tier capital framework designed to ensure that banks have sufficient buffers to absorb losses, support ongoing operations, and safeguard depositors: Common Equity Tier 1 (CET1): Minimum of 7.5% of Risk-Weighted Assets (RWAs). This represents the highest quality capital — mainly common shares, retained earnings, and disclosed reserves. Tier 1 Capital: CET1 plus Additional Tier 1 capital must amount to 9.5% of RWAs. AT1 includes instruments that can absorb losses but are not common equity. Total Capital Ratio: When Tier 2 Capital is added (e.g., subordinated debt, general provisions), the total capital must be at least 11.5% of RWAs. This structure ensures that Ethiopian banks maintain loss-absorbing capacity both during normal business operations and in times of distress. Importantly, the directive mandates that these capital levels be upheld at all times, not merely during regulatory reviews. ⚖️ Risk-Based Approach: Credit, Market, and Operational Exposures The directive moves beyond one-size-fits-all capital measures by introducing risk-sensitive calculations. Banks are now required to determine capital needs based on: Credit Risk – The risk that borrowers will default. Market Risk – The risk of losses due to changes in interest rates, exchange rates, and asset prices. Operational Risk – The risk of loss due to failures in internal processes, systems, or external events. For each category, specific methodologies are outlined, using a mix of Basel II’s standardized approaches and localized adjustments to accommodate Ethiopia’s evolving banking environment. By enforcing this tripartite risk classification, the NBE is encouraging banks to adopt more robust internal controls, improve data quality, and develop stronger risk management cultures. 🏦 Governance Reform: Elevating Board-Level Accountability A major highlight of the directive is the clear assignment of responsibility to bank boards of directors. Boards must: Ensure compliance with the new capital ratios, Oversee the development of capital management strategies (spanning 1–3 years), Establish internal systems for continuous risk assessment and capital measurement, Submit capital plans to the National Bank for review. This provision reflects a global trend of holding boards directly accountable for bank safety, and ensures capital decisions are tied to long-term strategy, not just short-term profit. 🧮 Regulatory Adjustments: Transparency in Capital Quality In line with best international practices, the directive mandates the deduction of certain items from regulatory capital, particularly from CET1. These include: Goodwill and other intangible assets, Deferred tax assets reliant on future profitability, Unrealized gains from own credit risk, Investments in own shares (treasury stock), Reciprocal holdings designed to artificially inflate capital levels. By excluding these from capital base calculations, the directive enhances transparency and prevents capital manipulation, ensuring the capital banks report is genuinely available for absorbing losses. 🌍 Global Integration: Ethiopia Aligns with Basel III The directive’s alignment with Basel III is not incidental. Ethiopia’s financial sector has been undergoing a gradual liberalization, with efforts to open up to foreign investment, encourage fintech innovation, and promote diaspora participation in banking. With this directive: Ethiopia signals that it is “open for responsible financial business.” Domestic banks will be better prepared to compete and collaborate with regional and international financial institutions. Risk-based capital adequacy will help prevent future financial crises, as seen globally during 2008, where undercapitalization played a major role. 🏁 Implementation & Challenges Ahead Though the directive becomes effective upon publication, the National Bank has signaled a phased implementation approach, including a Quantitative Impact Survey (QIS) that will assess the readiness of banks and inform adjustments to the minimum capital thresholds if needed. However, challenges remain: Smaller banks may struggle with data management and risk modeling, Talent gaps in risk management could slow execution, Digital infrastructure gaps may limit real-time capital monitoring. To mitigate this, NBE is expected to offer capacity-building support, including technical workshops and supervisory guidance. 📈 Why This Matters for Ethiopia’s Economy This regulatory leap could redefine Ethiopia’s financial future. It enhances: Public confidence in banks, reducing the risk of panic or run-offs, Investor interest, especially from development finance institutions and diaspora, Macro-financial resilience, buffering the economy against domestic and global shocks. The directive lays a solid foundation for the National Bank’s vision of building a “modern, stable, and inclusive financial system.”

Ethiopia to Launch Unified Vehicle License Plates Featuring National Branding

Ethiopia to Launch Unified Vehicle License Plates Featuring National Branding Addis Ababa, Ethiopia – The Ministry of Transport and Logistics has issued a new directive mandating a nationwide overhaul of vehicle license plates, introducing a standardized design aimed at strengthening national identity and improving administrative efficiency. Under the new system, all vehicles registered in Ethiopia will adopt a uniform plate design featuring the letters “ET” or “ETH,” a map of the country, and inscriptions in both Latin and Ge’ez scripts. The directive eliminates the current regional and city-specific labels that have historically differentiated license plates by administrative zones. Instead, all vehicles will now display a uniform national identifier, with the three-letter international code “ETH” and a visual map of Ethiopia symbolizing the country’s sovereignty and unity. License plates will follow a new alphanumeric format comprising three Latin letters and four numerals to create a broad serial base. Each plate will include embedded codes for registration and law enforcement use, along with color schemes and markings that denote the type of service the vehicle provides, the nature of its ownership, and the type of energy it consumes. In a push for environmental awareness, electric and renewable energy-powered vehicles will carry special plates marked “Green Transport.” Furthermore, vehicle owners seeking customized identifiers will have the option to request special license plates under this new system. The changes apply retroactively to all vehicles already registered in the country. Vehicle owners will be required to surrender their current plates and obtain the new standardized ones according to a rollout schedule set by the Ministry. This marks the fourth major revision to Ethiopia’s vehicle registration system since the introduction of license plates during Emperor Menelik’s reign. Each political transition—from Emperor Haile Selassie to the Derg regime, and later to the Ethiopian People’s Revolutionary Democratic Front (EPRDF)—has seen an overhaul in vehicle plate design. The current plates, many of which include two-letter region or city codes, will be fully replaced under the new national framework. The initiative is part of Ethiopia’s broader efforts to modernize transport infrastructure, align with international standards, and streamline vehicle administration nationwide.