Lemi National Cement Powers Ethiopia’s Construction Boom with Over 12 Million Quintals Delivered

Lemi National Cement Powers Ethiopia’s Construction Boom with Over 12 Million Quintals Delivered Lemi National Cement PLC is making major waves in Ethiopia’s construction industry, having supplied more than 12 million quintals of cement in just six months. This surge in distribution comes at a critical time, helping to ease the country’s long-standing cement shortage. With an impressive annual production capacity of 4.5 million metric tons, Lemi accounts for a significant portion of Ethiopia’s estimated 6.7 million metric ton national output. The company’s ability to maintain a steady supply across the country has been supported by a strong distribution network, ensuring cement reaches even the most remote markets. Thanks to these efforts, the market has seen improved stability and a noticeable drop in price fluctuations. Lemi attributes part of this success to its adoption of modern manufacturing technologies, boosting both the quality and efficiency of its production. Beyond cement, Lemi has its eyes on broader industrial ambitions. Plans are underway to enter the gypsum production sector—an important resource for agriculture and soil treatment. This move not only aligns with Ethiopia’s push for import substitution but also positions Lemi to play a leading role in regional economic growth. As Ethiopia’s demand for construction materials continues to climb, Lemi National Cement stands ready to meet the challenge and drive forward the nation’s development.

National Bank of Ethiopia Launches Modernized Ethiopian Automated Transfer System

National Bank of Ethiopia Launches Modernized Ethiopian Automated Transfer System The National Bank of Ethiopia (NBE) has officially launched the enhanced Ethiopian Automated Transfer System (EATS), a landmark upgrade that now operates using the internationally recognized ISO 20022 messaging standard. This significant development represents a pivotal step forward in the modernization of Ethiopia’s national payment infrastructure, aligning it with global best practices in financial communication and transaction processing. The adoption of ISO 20022—a flexible and data-rich messaging framework—brings substantial improvements to the country’s high-value interbank payment system. It enhances not only the speed and reliability of transactions but also strengthens security protocols, reducing risks associated with data misinterpretation and fraud. By enabling more structured, detailed, and transparent payment information, the new system is poised to support better reconciliation, streamlined operations, and more informed financial oversight. Currently, more than 35 financial institutions across Ethiopia are integrated into the upgraded EATS platform, underscoring its central role in the country’s financial ecosystem. This broad participation reflects a collective commitment within Ethiopia’s banking sector to foster a more resilient, efficient, and future-ready financial environment. The modernization of EATS is expected to significantly bolster interbank collaboration, facilitate more robust liquidity management, and support the broader goals of financial inclusion and economic growth. With this launch, the National Bank of Ethiopia reinforces its vision of establishing a dynamic and secure payment landscape that can adapt to the evolving needs of businesses, consumers, and the broader economy.

Boeing Expands African Presence with New Office in Addis Ababa

Boeing Expands African Presence with New Office in Addis Ababa Addis Ababa, Ethiopia – April 23, 2025 – In a move underscoring its long-term commitment to the African aviation industry, Boeing has officially opened a new administrative office in Addis Ababa, Ethiopia. This marks the company’s second office on the continent and reinforces its strategic efforts to support airline partners and aviation stakeholders across Africa. The newly inaugurated facility will serve as a regional hub to strengthen customer engagement, streamline administrative operations, and drive innovation within Africa’s rapidly growing aerospace market. The expansion also builds upon Boeing’s 75-year presence on the continent, further solidifying its role in shaping the future of aviation in Africa. The launch event drew several high-profile dignitaries and industry leaders, reflecting the strategic importance of the development. Among the attendees were: H.E. Dr. Alemu Seme, Minister of Transport & Logistics, Federal Democratic Republic of Ethiopia H.E. Ervin Massinga, United States Ambassador to Ethiopia Getachew Mengiste, Director General, Ethiopian Civil Aviation Authority Mesfin Tassew, CEO, Ethiopian Airlines Group Boeing’s senior regional leadership also participated in the ceremony, including: Kuljit Ghata-Aura, President of Boeing Middle East, Türkiye, Africa and Central Asia Anbessie Yitbarek, Vice President of Sales & Marketing, Boeing Africa Henok Teferra Shawl, Managing Director, Boeing Africa In a joint statement, Boeing representatives emphasized their dedication to fostering local partnerships, investing in talent development, and supporting the modernization of aviation infrastructure across the continent. “Africa’s aviation sector holds immense potential, and our presence in Addis Ababa will help us better serve our customers, promote collaboration, and contribute to the region’s economic growth,” said Kuljit Ghata-Aura. Ethiopia, home to one of Africa’s most influential carriers—Ethiopian Airlines—continues to be a focal point for aviation development in the region. The new office is expected to facilitate closer cooperation between Boeing and its African partners while contributing to the broader ecosystem of aerospace innovation and safety. As Africa’s aviation industry continues to expand, Boeing’s latest investment signals a broader trend of global aerospace firms deepening their roots in the region, aligning with the continent’s upward trajectory in air travel demand and connectivity.

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.

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