Ethiopian Airlines Doubles Weekly Flights to Lagos, Nigeria

Ethiopian Airlines Doubles Weekly Flights to Lagos, Nigeria Addis Ababa, April 21, 2025 — Ethiopian Airlines has announced a major expansion in its flight services to Lagos, Nigeria. Beginning June, 2025, the airline will increase its weekly flights from 7 to 14. This move reflects a growing demand for connectivity between the two African commercial hubs. The announcement was made through Ethiopian Airlines’ official social media platforms, emphasizing that the additional flights aim to offer more flexible and convenient options for travelers. The move not only strengthens air connectivity between East and West Africa but also aligns with Ethiopian Airlines’ broader strategy of boosting intra-African travel and trade. Lagos, as Nigeria’s largest city and a major economic powerhouse in West Africa, is a critical destination for business travelers, diaspora communities, and tourists alike. With the increase in frequency, passengers will now have the opportunity to choose between morning and evening departures, enhancing convenience and reducing wait times. Ethiopian Airlines, Africa’s largest and most profitable carrier, continues to lead the continent’s aviation industry through its expansive network and commitment to service excellence. The increase in flights to Lagos is expected to boost tourism, enhance business travel, and further position Addis Ababa as a key aviation hub for Africa. This development is also part of Ethiopian Airlines’ broader goal of promoting Pan-African integration and improving air access between African nations—key pillars in the continent’s economic development and regional cooperation frameworks like the African Continental Free Trade Area (AfCFTA). Passengers can now book their tickets through the airline’s website, mobile app, or travel agencies. Ethiopian Airlines has reassured customers that its enhanced Lagos service will maintain its hallmark hospitality, safety standards, and efficient scheduling.

Ethiopis Tafara Appointed as World Bank’s IFC Vice President for Africa

Ethiopis Tafara Appointed as World Bank’s IFC Vice President for Africa April 1, 2025 — Ethiopis Tafara has officially assumed his new position as Vice President for Africa at the International Finance Corporation (IFC), part of the World Bank Group. In his new role, Tafara will oversee IFC’s investment and advisory portfolio across Africa, with a focus on accelerating private sector participation in development and fostering inclusive economic growth across the continent. A native of Addis Ababa, Tafara brings over three decades of experience in international finance, legal governance, and risk management. Prior to this appointment, he served as Vice President and Chief Finance, Risk, Legal, and Sustainability Officer at the Multilateral Investment Guarantee Agency (MIGA), where he led several departments responsible for financial oversight, legal strategy, environmental standards, and risk assessment. During his time at MIGA, he was instrumental in introducing innovative financial tools and strengthening global risk coverage frameworks. Tafara previously held the role of Vice President and General Counsel at IFC, where he spearheaded reforms in corporate governance and helped shape the institution’s environmental, social, and governance (ESG) agenda. Earlier in his career, he served at the U.S. Securities and Exchange Commission, where he directed the Office of International Affairs and played a key role in shaping global financial regulatory cooperation. In his new capacity, Tafara is expected to lead the expansion of IFC’s private sector initiatives across Africa, targeting high-impact investments in infrastructure, manufacturing, digital technology, and climate resilience. His appointment comes at a critical time as African nations seek innovative solutions to attract capital, create jobs, and respond to pressing development challenges. With a strong legal background and deep ties to both Africa and the global finance community, Tafara is widely recognized as a strategic leader capable of bridging regulatory, legal, and investment frameworks to foster long-term development. His leadership is anticipated to strengthen the World Bank Group’s presence in Africa and enhance collaboration with governments, businesses, and financial institutions across the region.

Ethiopian Airlines Commits 30 Billion Birr to Launch Phase of New Mega-Airport Near Bishoftu

Ethiopian Airlines Commits 30 Billion Birr to Launch Phase of New Mega-Airport Near Bishoftu Ethiopian Airlines has allocated a substantial 30 billion birr to begin preparatory works on its ambitious new airport and aviation hub near Bishoftu, located roughly 60 kilometers southeast of Addis Ababa. The development spans 35 square kilometers and represents a major milestone in the airline’s long-term expansion strategy. According to the Ministry of Finance, the initial funding will go toward land clearing, infrastructure groundwork, and the resettlement of local communities. Around 17 billion birr has been specifically reserved for compensating roughly 2,500 farming households currently living on the site, which has been divided into eight sections for development purposes. The site preparation is projected to be finalized by September, with relocation of residents and demolition of existing structures already underway. Meanwhile, work on the master plan for the broader airport city is progressing, and funding mobilization efforts are being actively pursued. The design and consultancy aspects of the project are being handled by Dar Al-Handasah Consultants, who signed an agreement with Ethiopian Airlines CEO Mesfin Tassew in August 2024. The engineering firm collaborates closely with the globally acclaimed Zaha Hadid Architects. The entire airport complex is projected to cost approximately USD 7.8 billion. The African Development Bank (AfDB) is expected to play a key role in financing the project. While the exact size of the bank’s financial commitment remains undisclosed, Finance Minister Ahmed Shide and the airline’s leadership submitted a formal letter of intent to AfDB last month. Currently, AfDB’s investment portfolio in Ethiopia totals around USD 1.2 billion. The Bishoftu airport project is anticipated to significantly boost that figure, positioning it as one of the bank’s flagship initiatives on the continent. AfDB President Akinwumi Adesina, speaking during a preliminary agreement signing in March, hailed the airport city as a model infrastructure endeavor for Africa. Once completed, the new facility is expected to accommodate more than 100 million passengers annually by 2040—an enormous leap from the 17 million passengers currently passing through Addis Ababa’s Bole International Airport. Government officials see the project as a transformative force for Ethiopia’s aviation and tourism sectors, consolidating the country’s regional dominance in air transport.

Foreign Exchange Auction Sets Average Rate at 131.49 Birr per Dollar, Says National Bank of Ethiopia

Foreign Exchange Auction Sets Average Rate at 131.49 Birr per Dollar, Says National Bank of Ethiopia The National Bank of Ethiopia (NBE) has officially released the outcomes of its most recent foreign exchange auction, which took place today, offering a total of $70 million to participating commercial banks. According to the report issued by the central bank, the average exchange rate at which the foreign currency was purchased by successful bidders was 131.4961 birr per US dollar. The auction attracted significant interest from the financial sector, with 26 commercial banks securing allocations from the total amount offered. The NBE noted that the auction was highly effective in addressing the current forex demands of the banking system. Approximately 96% of the total foreign exchange requests submitted by the participating banks were fulfilled, indicating a strong alignment between supply and demand in this round of currency distribution. The National Bank emphasized that such foreign exchange auctions are part of its broader strategy to manage the country’s currency reserves efficiently and to ensure that hard currency is accessible to banks for critical imports and services. Looking ahead, the central bank announced that the next foreign exchange auction will take place in two weeks, as part of its ongoing biweekly auction schedule aimed at stabilizing the forex market and enhancing transparency in currency distribution. These auctions are a key tool in Ethiopia’s monetary policy framework, allowing the central bank to influence exchange rates and ensure that foreign exchange is allocated to priority sectors in a regulated and equitable manner.

National Bank of Ethiopia to Hold $70 Million Forex Auction Tomorrow

National Bank of Ethiopia to Hold $70 Million Forex Auction Tomorrow The National Bank of Ethiopia (NBE) has announced that it will hold a foreign exchange auction worth $70 million tomorrow as part of its ongoing efforts to stabilize the foreign currency market and manage exchange rate fluctuations. In an official statement, the central bank confirmed that the auction is part of its regular biweekly foreign currency sales program, which aims to allocate limited forex reserves to key sectors of the economy. These auctions are typically directed toward commercial banks, who then channel the foreign exchange to priority areas such as fuel imports, pharmaceuticals, manufacturing inputs, and other essential goods. The NBE called on eligible commercial banks to participate in the auction and submit their bids in accordance with the guidelines issued by the central bank. The statement emphasized transparency and fairness in the bidding process, noting that allocations will be made based on a competitive exchange rate mechanism. This auction comes amid continued pressure on Ethiopia’s foreign exchange reserves and a growing demand for hard currency across various sectors. The central bank has reiterated its commitment to managing forex availability in a way that supports macroeconomic stability while addressing the needs of import-dependent industries. Market watchers and businesses are closely monitoring the auction results, which are expected to influence short-term forex rates and liquidity conditions in the banking sector.

Ethiopia Earns Over $2.1 Billion in Foreign Exchange from Gold Market

Ethiopia Earns Over $2.1 Billion in Foreign Exchange from Gold Market Addis Ababa – April 16, 2025 The Ministry of Mines announced today that Ethiopia has earned more than $2.1 billion in foreign exchange over the past nine months through the sale of 26 tons of gold delivered to the National Bank. This achievement was disclosed during a high-level discussion held by ministry officials, sector leaders, and stakeholders to review the performance of the mining industry. The meeting highlighted major national achievements and the mining sector’s growing contribution to the country’s economy. Officials reported that several mining-related projects, including gold and coal operations and cement factories, have been completed and entered production during this period. These developments have helped drive significant growth in foreign direct investment and merchandise trade, while also contributing to a notable increase in government deposits and accelerating momentum in capital and securities markets. The Prime Minister’s Youth and Sports Advisor, Ato Kejela Merdasa, attended the session and praised the mining sector for its exceptional performance, stating that it has outpaced many other sectors and is poised to continue its upward trajectory. In addition to economic indicators, the forum also noted an increase in the number of job seekers engaging in employment both domestically and abroad, pointing to mining’s role in driving broader national development. Participants concluded the discussion by recognizing the achievements of the past nine months as a foundation for advancing the country’s next national mission. The Ministry reaffirmed its commitment to maintaining the momentum and positioning the mining industry as a key pillar of Ethiopia’s economic future.

French Embassy Announces First Winners of the “Habesha Creative Lab”

French Embassy Announces First Winners of the “Habesha Creative Lab” The French Embassy has revealed the 14 inaugural winners of the Habesha Creative Lab, a program launched under the Ethio-French Touch initiative to support Ethiopia’s cultural and digital creative industries. The Habesha Creative Lab, set to officially open on May 24, 2025, at the Alliance Ethio-Française, provides support to entrepreneurs working in: Animation Video games Virtual reality (VR) Augmented reality (AR) Artificial intelligence (AI) Digital design Support Offered to Participants Tailored mentorship and business coaching Technical training Access to co-working space Project funding (up to €10,000) Selected Projects For Incubation: One More Round – Animation Hiyaw Initiative – Animation Lomi – Video game Digital Hands – AR VR-SPPT – VR NARO – AR For Acceleration: Behagerlij Kids – Animation Lijinet – Animation Keffa the Curious Goat – Animation Dade Kits – Video game Enechawet Ethiopia – Video game Tsehafe-Gojjo – VR Pro Kelem – VR Lucy AI – AI What’s Next? A new phase of the program focusing on women entrepreneurs in the cultural and creative industries will launch in August 2025. Partners: Alliance Ethio-Française, SPOC, Iceaddis, Diversion, 3DNetInfo, Rubika

U.S. State Department Plans to Close Embassy in Eritrea Amid Global Diplomatic Restructuring

U.S. State Department Plans to Close Embassy in Eritrea Amid Global Diplomatic Restructuring An internal State Department memo obtained by The New York Times reveals that the United States is preparing to close its embassy in Eritrea as part of a broader restructuring of its diplomatic presence worldwide. The proposed changes, which include the closure of 10 embassies and 17 consulates, are part of an effort by the Trump administration to significantly reduce federal spending and realign U.S. foreign policy priorities. Among the six African countries listed for embassy closures, Eritrea features prominently. The memo recommends that the U.S. Embassy in Asmara be closed, with diplomatic functions relocated to neighboring countries. The other embassies proposed for closure in Africa include those in the Central African Republic, Gambia, Lesotho, the Republic of Congo, and South Sudan. This move follows a period of already limited diplomatic engagement between Washington and Asmara. In February 2025, the U.S. suspended visa services at its embassy in Eritrea, citing operational challenges including restrictions on diplomatic movement, limited communication access, and concerns over staff security. Eritrean officials at the time rejected these claims, asserting that they have adhered to international diplomatic norms. Strategic and Geopolitical Implications The proposed closure comes at a time when diplomatic influence on the African continent is increasingly contested. Analysts have raised concerns that reducing the American footprint, particularly in nations like Eritrea, could leave space for rivals such as China to expand their influence—both economically and politically. China currently maintains a larger number of embassies in Africa than the United States and has been steadily investing in infrastructure, trade, and security partnerships throughout the region. Eritrea, strategically located on the Red Sea, has already drawn interest from both Gulf and Asian powers due to its geopolitical position. Budget Cuts and Policy Shifts The embassy closures are part of a broader plan under consideration by State Department leadership to cut the department’s overall budget by nearly 50 percent. The Trump administration has made cost-cutting a key component of its second-term agenda, aiming to reduce what it views as unnecessary foreign commitments in favor of domestic priorities. In addition to Eritrea, the draft plan calls for closing embassies in small European and island nations, as well as several consulates in major cities throughout Europe and Asia. According to the memo, many of the diplomatic functions will be consolidated in regional hubs or transferred to embassies in neighboring countries. Community and Operational Impact If the plan moves forward, it could disrupt services for both American citizens residing in or traveling through Eritrea and Eritrean nationals seeking U.S. visas or consular assistance. Critics of the closures argue that eliminating direct diplomatic presence in complex regions undermines the ability to manage bilateral relations, provide accurate on-the-ground assessments, and support citizens in times of crisis. The timeline for implementation remains unclear, and the plan has not yet been formally announced by the State Department. It is also not certain whether Congress will support the proposed reductions, as bipartisan concerns about diminishing American global influence have already been raised in response to earlier restructuring efforts. The potential closure of the U.S. Embassy in Eritrea marks a significant development in American diplomatic posture in the Horn of Africa. While final decisions are still pending, the current proposals reflect a broader trend toward strategic downsizing, even in regions of longstanding geopolitical interest. Further statements from the State Department and Eritrean officials are expected in the coming weeks as the administration moves closer to finalizing its diplomatic budget and operational framework.

Venture Meda: Job Creation through Incubation and acceleration in Ethiopia.

Venture Meda: Job Creation through Incubation and acceleration in Ethiopia. Venture Meda, a transformative initiative launched in partnership with the Mastercard Foundation, the Ministry of Innovation and Technology, and iceaddis, continues its mission to foster job creation and economic growth in Ethiopia. Through innovative incubation and acceleration programs, Venture Meda is set to create sustainable job opportunities by supporting young entrepreneurs and expanding digital entrepreneurship across the country. Building on its previous successes, which included supporting of 40 e-commerce start-ups and direct job opportunities for over 12,000 individuals, the project continues to help local digital entrepreneurs scale their businesses and improve their digital capabilities. The program also offers connections with local and international investors, empowering micro, small, and medium-sized enterprises (MSMEs) to join the growing digital economy. Following the success of the first two cohorts, Venture Meda is excited to announce the selection of eight innovative start-ups for its third accelerator cohort. These ambitious businesses are poised to reshape their industries through digital entrepreneurship, tapping into Ethiopia’s growing online marketplace. “We are excited to welcome the new startups to our third cohort of Venture Meda,” said Lensa Kebede, Project Lead at Venture Meda. “Every cohort is different, coming from different industries and different calibers. But they all have one thing in common, and that is to be heard, connected, and to grow. And iceaddis thrives to meet those expectations and create a meaningful, lasting partnership with startups.” The selected startups will participate in an intensive program that includes mentorship from industry experts, workshops on business development and digital marketing, and opportunities for funding. By equipping them with the tools they need to grow and succeed, Venture Meda is continuing its commitment to fostering sustainable, digital-led job creation in Ethiopia. The third Venture Meda accelerator cohort consists of the following exciting startups: Sensul Website: https://sensul.co/ Sensul is a dynamic online art gallery promoting contemporary art from Ethiopia, Africa, and the Diaspora. The platform aims to bridge the gap between talented artists and art lovers worldwide, providing a space for the global celebration of African art. Relink Agri Website: https://relinket.com/ Relink Agri is an e-commerce platform offering a diverse range of agricultural inputs and fresh agricultural products. By connecting farmers with quality seeds, fertilizers, machinery, and fresh produce, Relink Agri is empowering local agriculture while promoting sustainability. Lelije Solutions Website: https://lelije.et/ Lelije Solutions revolutionizes school transportation by connecting parents, schools, and drivers through a cutting-edge platform. The solution ensures a safer, more efficient school commute, empowering parents with control over the process. AddisCad Website: https://www.addiscad.com/ AddisCad provides a seamless marketplace for CAD professionals, enabling them to buy and sell CAD drawings. By fostering collaboration and creativity within the CAD community, AddisCad supports design professionals in streamlining their workflows. Afro Creo Website: https://www.afrocreoo.com/ AfroCreo connects Ethiopian freelancers with businesses seeking high-quality creative services. Whether it’s graphic design, photography, video editing, or social media management, AfroCreo empowers talented professionals to showcase their work and collaborate with clients. GlobeDock Academy Website: https://www.globedock.et/landing GlobeDock Academy addresses Ethiopia’s educational challenges by providing affordable, high-quality e-learning resources. Targeting students from grades 7 to 12, GlobeDock offers a freemium business model and works with partners to scale its impact. Acklog’s Website: https://www.acklogs.com/ Acklog’s is a women-owned fashion brand that modernizes traditional Ethiopian clothing. By combining contemporary design with traditional craftsmanship, Acklog’s creates stylish and comfortable garments, while also providing a convenient online shopping experience. PickUp ICT Solutions Website: https://pickup.et/ PickUp ICT Solutions is an e-commerce logistics and delivery platform for businesses of all sizes. The platform aims to streamline delivery services, offering businesses a reliable solution to manage their logistics needs in the digital age. These startups will join the Venture Meda accelerator program, receiving the support they need to scale and make a lasting impact on Ethiopia’s growing digital economy.