MIDROC Investment Group to Build $200 Million Gold Processing Plant in Benishangul-Gumuz, Ethiopia

MIDROC Investment Group to Build $200 Million Gold Processing Plant in Benishangul-Gumuz, Ethiopia MIDROC Investment Group, owned by Ethiopian-born Saudi billionaire Mohammed Al-Amoudi, is investing over 26 billion Ethiopian birr (approximately US $200 million) to build a modern gold processing factory in Ethiopia. This move is aimed at enhancing the country’s gold production capabilities and supporting the broader economic growth of the region. The factory will be located in the Bullen District of the Metekel Zone, part of the Benishangul-Gumuz region. The area, known for its natural resources, has faced security challenges in recent years, with ethnic violence affecting local communities. However, reports suggest that the security situation has stabilized, particularly following efforts by local groups such as the Fano forces. These efforts have been aimed at addressing concerns related to the protection of ethnic groups in the region. MIDROC representatives have reportedly engaged with senior regional government officials in Gelgel Beles town, where they received assurances of full support for the project from local authorities. This includes providing the necessary security and ensuring a favorable environment for the factory’s development and operation. Surafel Lakew, the Mining Sector Director at MIDROC Investment Group, outlined that the new facility will employ modern techniques for gold extraction and processing, moving away from traditional, small-scale mining practices. This shift is expected to improve efficiency, reduce resource wastage, and increase the revenue generated from gold production in the region. The company aims to bolster Ethiopia’s gold sector with more advanced technology and operational practices. Once operational, the factory is expected to create over 1,500 jobs, contributing to local employment and offering training opportunities for workers. The plant is also expected to help curb illicit gold mining activities, which have historically undermined the formal sector and resulted in financial losses. MIDROC’s investment follows the company’s previous setback in 2018 when its mining license for the Lega Dembi gold site in the Oromia region was canceled. The license revocation came amid protests and allegations of environmental pollution due to chemicals used in gold extraction. Despite this, MIDROC continues to play a significant role in Ethiopia’s economy and maintains a diverse portfolio across multiple sectors, including mining, construction, and manufacturing. With a reported turnover of over US $25 billion and more than 70,000 employees across Ethiopia, MIDROC’s new project is seen as an important contribution to the country’s growing gold sector. The factory is expected to enhance the country’s position as a leading producer of gold in Africa, while offering a model for modern, large-scale mining operations. The development of the gold processing factory in Benishangul-Gumuz represents a significant investment for MIDROC Investment Group, with potential long-term benefits for Ethiopia’s mining industry and economy. The project is expected to create jobs, boost revenue, and improve the sustainability of gold extraction practices in the country. 1 COMMENT Lucha Woyessa Aga January 7, 2025 At 1:34 pm I want to get such news and notification from Addis Insight. I want to get such news and notification from Addis Insight. Comments are closed.

Ethio Telecom Claims Company is World’s Cheapest Service Provider

Ethio Telecom Claims Company is World’s Cheapest Service Provider Frehiwot Tamiru, CEO of Ethio Telecom, took the spotlight at Parliament yesterday, answering over 200 questions from lawmakers about the company’s growth and its role in Ethiopia’s digital revolution. She proudly shared how Ethio Telecom’s commitment to cost-effective services has positioned it as the world’s cheapest telecom provider. “Over the last five years, our focus has been on offering the most affordable services to our customers, which has been instrumental in driving our growth,” Frehiwot explained. “Before we made reforms, we had 37 million customers. Today, our customer base has reached 80 million, a direct result of our price affordability, rather than just infrastructure expansion.” She went on to detail that, to date, over 81.8 million devices are connected to the Ethio Telecom network, a testament to the success of the company’s affordability strategy, especially in the context of the growing digital age. “Smartphones are essential for accessing a wide array of services, yet many were previously out of reach for most Ethiopians. Understanding this need, Ethio Telecom took steps to offer a range of affordable smartphones, contributing to our Digital Ethiopia goal,” she added. Globally, Ethio Telecom stands as the 17th largest telecom operator by customer base, among 278 telecom operators worldwide. In Africa, it ranks as the second-largest operator, following Nigeria, out of 195 operators. One of the company’s standout achievements is the success of Telebirr, its digital finance platform. Launched just three years ago, Telebirr has attracted approximately 52 million customers and processed transactions amounting to Birr 3.3 trillion, encompassing 1.3 billion transactions. However, lawmakers voiced concerns over the affordability of Ethio Telecom’s services, particularly the high cost of mobile data. Dr. Desalegn Chane, a Member of Parliament, expressed his frustration with the pricing, calling mobile data rates “exorbitant.” He questioned whether Ethio Telecom was involved in theft, highlighting the increasing discontent regarding the company’s service costs. He shared his personal experience, saying, “I personally use 4G and have Wi-Fi at home. But when I’m out, a Birr 100 card won’t even last me a day.” Another Member of Parliament highlighted the rapid price adjustments across various products. “Almost in every product, prices are adjusted immediately. While capital is necessary, this has raised concerns among society. We need to support them,” he said. In response, she attributed the price adjustments to recent macroeconomic reforms. “We’ve been expanding our infrastructure and importing goods from abroad. For example, after the macroeconomic reforms, the Birr was devalued. Without ensuring profitability, business continuity would be at risk,” she explained. Ethio Telecom’s extensive reach is further demonstrated by its growing network of service providers. The company currently has 1,033 service providers across the country, supported by 514 franchise partnerships and an additional 546 enterprises and kiosks. One of the standout achievements has been Telebirr, Ethio Telecom’s digital finance platform, which has completely changed the game. In just three years, Telebirr has attracted approximately 52 million customers and processed over Birr 3.3 trillion in transactions, which means 1.3 billion transactions. Frehiwot said that it has launched over 270 services, ranging from basic connectivity to advanced solutions like cloud services, digital financial services, and lifestyle-enhancing digital services. The CEO also reported that Ethio Telecom now serves 78 million voice users, 43 million internet users, and 776,000 fixed broadband users. These numbers reflect the company’s commitment to ensuring that more Ethiopians can connect, communicate, and thrive in the digital age. 3 COMMENTS Otoro bakalo January 4, 2025 At 1:51 pm Ethioteleco is by far distance in providing the so called cheap service. It is behind its competitor Safaricom even. We the true customers can assure this. Personally Ethiotelecom has been an agravating element for my gastric case. Sorry for Fire, CEO, becouse I like her. Ethioteleco is by far distance in providing the so called cheap service. It is behind its competitor Safaricom even. We the true customers can assure this. Personally Ethiotelecom has been an agravating element for my gastric case. Sorry for Fire, CEO, becouse I like her. Omar January 5, 2025 At 10:31 pm “Ethio Telecom Claims Company is World’s Cheapest Service Provider” Not sure, but I’m sure that it claims the company is world’s poorest network service provider “Ethio Telecom Claims Company is World’s Cheapest Service Provider” Not sure, but I’m sure that it claims the company is world’s poorest network service provider Ahmed January 8, 2025 At 12:15 am It’s the most expensive data ,minute and sms everything cost you alot there no even 3 g or 4g in our area daily data is 30 birr for 650 Mb and it won’t last 1 gb is 59 birr it’s very expensive really even airtime you don’t found everywhere after you recharge they deduct 3birr for nothing I think still alot of things to change we need 4g everywhere and weekly data to be 40 birr and daily data must be 30 birr 1gb street not like 650 + 650 this plus is boring we need more improvement really thanks It’s the most expensive data ,minute and sms everything cost you alot there no even 3 g or 4g in our area daily data is 30 birr for 650 Mb and it won’t last 1 gb is 59 birr it’s very expensive really even airtime you don’t found everywhere after you recharge they deduct 3birr for nothing I think still alot of things to change we need 4g everywhere and weekly data to be 40 birr and daily data must be 30 birr 1gb street not like 650 + 650 this plus is boring we need more improvement really thanks Comments are closed.

National Bank of Ethiopia Holds Policy Rate at 15% to Curb Inflation and Boost Stability

National Bank of Ethiopia Holds Policy Rate at 15% to Curb Inflation and Boost Stability Addis Ababa, December 31, 2024The Monetary Policy Committee (MPC) of the National Bank of Ethiopia (NBE) held its inaugural meeting to evaluate the nation’s macroeconomic landscape and chart an effective monetary policy course. In a period marked by fiscal and global economic challenges, the MPC’s deliberations and subsequent decisions aim to balance price stability and economic growth. Key Developments and Economic Insights: Inflation:Year-on-year inflation dropped to a five-year low of 16.9% in November 2024, showing a consistent downward trajectory. Food inflation remains elevated at 18.5%, but core inflation has improved, reflecting exchange rate reforms and effective monetary tightening measures. The latest monthly inflation rate decreased by -0.8% in November 2024. Economic Growth:Real GDP growth surged by 8.1% in the fiscal year 2023–24, supported by a record harvest, robust industrial output, and expanding service activities, particularly in tourism and air transport. The positive growth outlook continues for the 2024–25 fiscal year. Monetary Developments:Despite a sharp reduction in key monetary aggregates relative to nominal GDP, broad money and base money grew by 20% and 17%, respectively. The MPC recommends gradually reversing the real decline in monetary aggregates to support medium-term growth. Banking and Financial Sector:The banking system remains sound, despite liquidity strains in private banks, reflected in high loan-to-deposit ratios. New interbank money market and standing lending facilities at the NBE have eased liquidity challenges. External Sector:The July 2024 exchange rate reforms bolstered exports, remittances, and private capital inflows, boosting Ethiopia’s foreign exchange reserves to record highs. These developments reflect growing confidence in the country’s monetary policies. Global Context:Ethiopia’s economy has shown resilience amid global commodity price fluctuations and trade slowdowns, highlighting the need for greater trade integration to enhance external stability. Monetary Policy Decisions: The MPC announced the following key actions to anchor inflation expectations and support economic stability: Policy Rate: The National Bank Policy Rate remains at 15%, with a focus on reducing inflationary pressure and stabilizing exchange rates. Credit Growth: To transition toward interest-based policies, credit growth will be adjusted moderately, increasing from 14% to 18%. Standing Facilities: Existing rates for deposit and lending facilities remain unchanged to provide stability in the financial sector. Future Outlook: The MPC emphasized its commitment to monitoring inflation and economic trends in the coming months. The next policy meeting is scheduled for March 25, 2025, where further adjustments may be made based on emerging data. This inaugural meeting and its resulting policies reflect the National Bank’s strategic approach to fostering sustainable economic growth while addressing inflationary challenges and external vulnerabilities. For further details, visit nbe.gov.et. 1 COMMENT Ittu Aba Farda January 1, 2025 At 6:33 am Meanwhile, I would like to take a moment to wish you all of my very dear countrymen/women from every country in The Horn of Africa A Happy and Rewarding Year in 2025 and years beyond that. It is also my Best Wishes for that gem of a region that produced us all that will somehow find the wherewithal to be at peace with itself in the coming year. Let’s all monger peace and stability for those innocent besieged people. Enough with finding solutions to issues with guns. Enough, enough, enough! Insha’Allah!!! Meanwhile, I would like to take a moment to wish you all of my very dear countrymen/women from every country in The Horn of Africa A Happy and Rewarding Year in 2025 and years beyond that. It is also my Best Wishes for that gem of a region that produced us all that will somehow find the wherewithal to be at peace with itself in the coming year. Let’s all monger peace and stability for those innocent besieged people. Enough with finding solutions to issues with guns. Enough, enough, enough! Insha’Allah!!! Comments are closed.

Tax and Tensions: Ethiopia’s Car Market Faces Unprecedented Challenges

Tax and Tensions: Ethiopia’s Car Market Faces Unprecedented Challenges After the shift to a market-based foreign exchange system, importers have become one of the hardest-hit groups in Ethiopia’s economy. The floating exchange rate has triggered sharp and unpredictable currency fluctuations, driving up the cost of acquiring foreign currency and creating immense financial pressure. Car importers, added to this tension, are facing excessive taxation, further exacerbating their challenges. According to an anonymous car importer, the sector is facing several challenges like unfair competition with parallel car markets, new tax duty and financing options. “The duty on fuel-powered internal combustion engine (ICE) vehicles imported in Completely Knocked Down (CKD) and Semi Knocked Down (SKD) form has increased by 20%, while an additional 10% excise tax has been imposed,” said an anonymous stakeholder from a local car importer. He explained that this change results in an overall tax and duty burden that is 30% higher than the previous year, a situation further exacerbated by the effects of devaluation. He also noted that the duty difference between CKD/SKD and Completely Built-Up (CBU) imports is only 5%, making the CKD/SKD option less attractive when factoring in the additional costs of importing, assembling the units, and covering factory overhead. The 5% duty difference, he pointed out, is still subject to confirmation. He urged that, given the level of investment the sector contributes to the economy and the volume of employment opportunities it creates for citizens, the current duty and tax incentives, particularly on electric vehicles, are very discouraging. “Compared to the Cost, Insurance, and Freight (CIF) cost, the authority’s cost assessment is impractical, especially for Chinese brands,” said another anonymous importer. Parallel car markets, which are not subjected to taxes, present additional challenges to formal car markets. This creates an uneven playing field, making it harder for legally operating businesses to compete and sustain their operations. As stated in a previous article on taxes by Addis Insight, “‘Don’t kill the goose that lays the golden eggs’ is a fundamental tax principle that warns against overburdening or overtaxing sources of wealth or income, as doing so can stifle growth and long-term productivity,” said Natae Eba, Seasoned Tax Lawyer. Ethiopia plans to collect 900 billion birr from federal sources and 600 billion birr from regional governments. To achieve this, Prime Minister Abiy Ahmed (PhD) is establishing a high-level committee dedicated solely to overseeing revenue collection. One key aspect of the government’s strategy to increase tax revenue is bringing informal businesses into the formal sector. “Ethiopia is one of the countries with a low tax-collection rate, largely because many sectors operate informally. We want to change this. We are working on reforming tax laws, improving tax administration, automating processes, and changing the attitudes of tax workers,” Abiy said in Addis Ababa. The government’s plan to bring informal businesses into the formal sector began with a wave of challenges in Africa’s largest market, Merkato. Businesses were left stunned by a sudden gridlock following a consequential decision by authorities to tighten tax administration. This abrupt shift is now causing shockwaves within the car business sector. However, experts argue that a transition period is necessary to allow businesses to adjust to the new regulations and avoid severe disruptions. An anonymous economist expressed concern about the transition of informal businesses to the formal sector, stressing that, given their large number, the shift should not be rushed. The recommendation is to create a supportive and encouraging business environment to facilitate the process.

ZamZam Bank, an Emerging Bank, Weighs In on What Foreign Bank Entry Means for Ethiopia

ZamZam Bank, an Emerging Bank, Weighs In on What Foreign Bank Entry Means for Ethiopia This year, Ethiopia’s economy will invite optimistic phenomena as the nation takes bold steps to reshape its financial landscape. The shift to a floating exchange rate marks a pivotal moment, fostering transparency and encouraging investor confidence. Alongside this, the establishment of the Ethiopian Securities Exchange is set to open new doors for businesses and investors, providing a platform for capital growth and economic dynamism. Adding to this momentum, the entry of foreign banks promises to bring global expertise, increased competition, and a fresh influx of capital, positioning Ethiopia’s economy for a transformative leap forward. However, while the capital market presents immense opportunities, experts warn that the entry of foreign banks could pose significant challenges to young and emerging banks. ZamZam Bank, one of Ethiopia’s pioneering interest-free banks, was officially established in 2020, making history as the country’s first full-fledged Islamic bank. As Ethiopia opens its doors to foreign banks, ZamZam is among the emerging banks likely to feel the impact of increased competition, facing pressure to innovate and solidify its market share amidst a rapidly evolving financial landscape. “When we talk about foreign banks entering the Ethiopian market, they will primarily come from neighboring Central Eastern countries,” said Melika Bedri, CEO of ZamZam Bank. “We are currently investigating which banks will enter, with the intention of forming partnerships and working together.” In its first year, ZamZam Bank faced a loss of 145.42 million Birr due to economic adversities. However, the bank’s strategy of boosting income through financing and investment activities ultimately turned its fortunes around. She added that the strengths of foreign banks lie in their human capital, financial resources, and advanced technology. “Just as our shareholders have supported us in the past, they will continue to strengthen ZamZam’s financial base,” she said. “With our focus on innovative technology, we are committed to developing impactful products that will enable us to compete with international banks” According to her, ZamZam Bank is one of the beneficiaries of the floating foreign currency system. “Thanks to our prompt service in approving foreign currency, supporting businesses and travel, and successfully participating in the auction organized by the NBE, as well as partnering with international banks and local companies, ZamZam has been able to secure higher foreign currency generations,” she said. ZamZam Bank maintains the highest reserve ratio among all banks in Ethiopia, according to her. “This can be supported with evidence; we’ve implemented this measure to ensure the safety of our customers,” she said. To align with the growing trend, including the entry of foreign banks, ZamZam Bank is revising its five-year strategy. The CEO said that previously, banking was the only option in finance, but now the capital market is emerging. ZamZam bank is actively working with the Ethiopian Capital Market Authority to secure a leading position in Sharia-compliant products. Moreover, she mentioned that the bank is strengthening its relationships with international financial institutions, including the World Bank. 1 COMMENT Tahir Zuber Abdellah January 1, 2025 At 6:36 am Nice! Please try harder for further competition with others bank to be market winner and best bank ever stablished to solve muslim community problems. Nice! Please try harder for further competition with others bank to be market winner and best bank ever stablished to solve muslim community problems. Comments are closed.

Ethiopian Airlines Among Five Sanctioned for Passenger Rights Violations by NCAA

Ethiopian Airlines Among Five Sanctioned for Passenger Rights Violations by NCAA The Nigerian Civil Aviation Authority (NCAA) has sanctioned Ethiopian Airlines alongside four other carriers for breaching passenger rights, marking a significant regulatory intervention aimed at safeguarding air travelers during the peak holiday season. Ethiopian Airlines, Africa’s largest and most prestigious carrier, was implicated in violations of NCAA regulations under Part 19, which govern passenger rights. The airline is accused of failing to process refunds within stipulated timelines, mishandling and short-landing baggage, and not responding promptly to directives issued by the NCAA. These infractions have intensified frustrations among passengers amid ongoing flight disruptions. A Blow to Ethiopian Airlines’ Reputation As a flagship airline in Africa known for its global reach and operational excellence, Ethiopian Airlines’ inclusion in the NCAA’s enforcement action has raised eyebrows. The sanctions come at a time when passengers are increasingly vocal about poor customer service, delayed flights, and unresolved complaints, particularly during the busy yuletide period. The NCAA has made clear that even leading international carriers like Ethiopian Airlines are not exempt from regulatory compliance. Michael Achimugu, the NCAA’s Director of Public Affairs and Consumer Protection, announced the sanctions during a press briefing in Abuja, stating that airlines failing to uphold passenger rights would face consequences. “We are committed to protecting passengers and ensuring airlines adhere to the rules,” Achimugu said. “The enforcement actions taken against Ethiopian Airlines and others are necessary to restore confidence in air travel.” Seasonal Challenges and Accountability While Achimugu acknowledged that weather-related disruptions, such as harmattan-induced poor visibility, are outside the airlines’ control, he emphasized that the sanctions target incidents where airlines are directly at fault. Refund delays, ignored directives, and mishandled baggage fall squarely within the airline’s responsibility. “Force majeure events, such as harmattan, cannot be blamed on the airlines. However, these sanctions address instances where the airlines failed to meet their obligations to passengers,” Achimugu added. Passengers’ Growing Discontent For many Nigerian travelers, Ethiopian Airlines has been a go-to option for international travel, but the recent sanctions highlight growing dissatisfaction with its handling of passenger grievances. Complaints about delayed refunds and luggage issues have tarnished the airline’s otherwise stellar reputation. The NCAA had previously warned airlines to process refunds within 14 days for online ticket purchases and immediately for cash transactions. Failure to comply with these rules prompted the Authority to act decisively. As the NCAA ramps up its enforcement efforts, Ethiopian Airlines and other affected carriers are expected to address the lapses and improve their services. Achimugu revealed plans to summon the CEOs of all sanctioned airlines for discussions on flight disruptions and regulatory compliance. Ethiopian Airlines has yet to issue an official statement on the matter, but the sanctions serve as a stark reminder that even the most renowned carriers must prioritize passenger rights to maintain their reputation and regulatory standing. Passengers and industry stakeholders will closely monitor how the airline addresses these concerns moving forward. 17 COMMENTS Amin December 27, 2024 At 5:03 pm Addis insight is bulshit which always used to report only negative side of its own country as an enemy. Addis insight is bulshit which always used to report only negative side of its own country as an enemy. Benedict Mabeo December 27, 2024 At 6:33 pm I am one of the passengers who have not got any acknowledgment for a REFUND in August 2022 after a lost baggage which took the airline 3 weeks to find. I sent all receipts which I spent buying new clothes and other necessities up until now there had never been a RESPONSE or let alone an ACKNOWLEDGMENT I am one of the passengers who have not got any acknowledgment for a REFUND in August 2022 after a lost baggage which took the airline 3 weeks to find. I sent all receipts which I spent buying new clothes and other necessities up until now there had never been a RESPONSE or let alone an ACKNOWLEDGMENT Girma December 27, 2024 At 7:10 pm I thought you were not biased and your reporting was balanced.Do you really think EAL was blown away? Just look around. Nigerians killed their airline some 30 years back. They could not resurrect it over these years..Ethiopian came and tried to bring it back from oblivion. Most were jealous, to some it was their ego. Unfortunately people like you thought this was your opportunity but never underestimate. We are roaring and going forward. Look at DRC, the latest example. Unfortunately I’m done with you, Addis Insight. But ET is flying through . I thought you were not biased and your reporting was balanced.Do you really think EAL was blown away? Just look around. Nigerians killed their airline some 30 years back. They could not resurrect it over these years..Ethiopian came and tried to bring it back from oblivion. Most were jealous, to some it was their ego. Unfortunately people like you thought this was your opportunity but never underestimate. We are roaring and going forward. Look at DRC, the latest example. Unfortunately I’m done with you, Addis Insight. But ET is flying through . Wondewosen December 27, 2024 At 8:36 pm It happen to me when I was travel from Addis to Dubai they hold me with out any reason and also they change my seat with out any reason shame on them It happen to me when I was travel from Addis to Dubai they hold me with out any reason and also they change my seat with out any reason shame on them Jane Mwangi December 28, 2024 At 1:46 am They still owe me a refund for 200 Canadian dollars because they booked my luggage to go to Toronto instead is Calgary airport in March this year and had to pay Canada Airlines from my pocket. Have tried to follow up but as of July noone is communicating How do we get the refunds They still owe me a refund for 200 Canadian dollars because they booked my luggage to go to Toronto instead is Calgary airport in March this year and had to pay Canada Airlines from my pocket. Have tried to follow up but as of July noone is communicating How do we get the refunds Vate Tchero December 28, 2024 At 6:56 am I am not surprised that Ethiopia is sanctioned for violating passengers’ rights. They lost my luggage on 10/17/2024 and are refusing to refund the value of my belongings. I have been sending them emails but they are ignoring all of them. What should I do. How can I testify I am not surprised that Ethiopia is sanctioned for violating passengers’ rights. They lost my luggage on 10/17/2024 and are refusing to refund the value of my belongings. I have been sending them emails but they are ignoring all of them. What should I do. How can I testify Akida M. Khea December 28, 2024 At 9:30 am I welcome the sanction. Customer service has gone from bad to worst. I witnessed several ground staff in Addis with very unprofessional attitude towards passengers. The airline needs to evaluate itself. I welcome the sanction. Customer service has gone from bad to worst. I witnessed several ground staff in Addis with very unprofessional attitude towards passengers. The airline needs to evaluate itself. Ittu Aba Farda December 28, 2024 At 9:42 am This is just one episode of a growing pain. I am its genius management staff will amicably address this snafu. It is still the best and it must always keep in mind that the higher it up there will be some other stragglers that will do anything to bring it down. These good-for-nothings may even try to set it up to make it look bad. Get to work guys and gals!!! Titus weru December 29, 2024 At 1:53 am That’s not cool at all when you says the airline is doing fine.when they mishandled customers and that’s become Lampard,what do you expect?Staff becomes arrogant and racialist.Let them be. This is just one episode of a growing pain. I am its genius management staff will amicably address this snafu. It is still the best and it must always keep in mind that the higher it up there will be some other stragglers that will do anything to bring it down. These good-for-nothings may even try to set it up to make it look bad. Get to work guys and gals!!! Titus weru December 29, 2024 At 1:53 am That’s not cool at all when you says the airline is doing fine.when they mishandled customers and that’s become Lampard,what do you expect?Staff becomes arrogant and racialist.Let them be. That’s not cool at all when you says the airline is doing fine.when they mishandled customers and that’s become Lampard,what do you expect?Staff becomes arrogant and racialist.Let them be. Bruce December 28, 2024 At 12:41 pm I always fly Ethiopian airlines and I agree with this report. Recently I flew from Chicago on the 18th and the lady who looked like a supervisor at the ticketing desk was very rude. She only helped Ethiopians and whites. My plea to get help fell on deaf ears. Signaled multiple times that I needed help and she just looked at me with a frowning face. On the positive side the white lady behind the counter processing the tickets was very welcoming and helpful. December 2023 I flew Ethiopian Airlines again to Africa and never used my full flight onboard wifi because it never worked. Spent 3 months trying to get my refund until I gave up. I always fly Ethiopian airlines and I agree with this report. Recently I flew from Chicago on the 18th and the lady who looked like a supervisor at the ticketing desk was very rude. She only helped Ethiopians and whites. My plea to get help fell on deaf ears. Signaled multiple times that I needed help and she just looked at me with a frowning face. On the positive side the white lady behind the counter processing the tickets was very welcoming and helpful. December 2023 I flew Ethiopian Airlines again to Africa and never used my full flight onboard wifi because it never worked. Spent 3 months trying to get my refund until I gave up. AAziz December 28, 2024 At 12:48 pm Appreciate the action taken against Ethiopian Airlines. Because of the moral pain and financial burden the mistreatment of this Airlines causes, many of us even developed bad memories and shocking experiences of visiting Ethiopia and our loved ones specially in Bole airport, their save heaven, where this Airline goes unaccounted. Appreciate the action taken against Ethiopian Airlines. Because of the moral pain and financial burden the mistreatment of this Airlines causes, many of us even developed bad memories and shocking experiences of visiting Ethiopia and our loved ones specially in Bole airport, their save heaven, where this Airline goes unaccounted. Harbu December 28, 2024 At 5:50 pm I fieel like you said don’t touch me because I am big and untouchable. Sir, you are not talking with Ethiopian people travelers. You have to behave like responsible global public servant. I fieel like you said don’t touch me because I am big and untouchable. Sir, you are not talking with Ethiopian people travelers. You have to behave like responsible global public servant. Bernard Ngulube December 28, 2024 At 8:36 pm This does not come as a surprise. Ethiopian Airlines take passengers for granted. Lost baggage, filthy and inhuman transit hotels very far away from the airport, meals not fitting of humans in transit hotels. My last transit hotel in Addis Ababa leaves much to be desired. I travelled to Zambia from the Seychelles and we had a long lay over in Addis and I was taken to the most useless hotel in the noise shanty neighbourhood with stinking rooms. We arrived in Addis at 8.15pm and when we get out to take the bus to the hotel, the driver disappeared 30 minutes and when he got back he could not start the bus. Angry and disappointed, we started pushing him to take us he then said we needed to wait in the bus for 1 hour because the hotel was not ready for us yet. Hating this behaviour i demanded we be taken there and that meant exchanging hot words with uncompromising driver. After bitter exchange we left and alas we got to a hotel that didn’t have rooms ready. As an outspoken person pressing for our rights I was given a room upon arrival as though to avoid further altercation and I was treated like a king. Besides all those the room was useless not fitting for me. It was smelly yet the staff claimed it was the best room on the hotel given only to special guests… This does not come as a surprise. Ethiopian Airlines take passengers for granted. Lost baggage, filthy and inhuman transit hotels very far away from the airport, meals not fitting of humans in transit hotels. My last transit hotel in Addis Ababa leaves much to be desired. I travelled to Zambia from the Seychelles and we had a long lay over in Addis and I was taken to the most useless hotel in the noise shanty neighbourhood with stinking rooms. We arrived in Addis at 8.15pm and when we get out to take the bus to the hotel, the driver disappeared 30 minutes and when he got back he could not start the bus. Angry and disappointed, we started pushing him to take us he then said we needed to wait in the bus for 1 hour because the hotel was not ready for us yet. Hating this behaviour i demanded we be taken there and that meant exchanging hot words with uncompromising driver. After bitter exchange we left and alas we got to a hotel that didn’t have rooms ready. As an outspoken person pressing for our rights I was given a room upon arrival as though to avoid further altercation and I was treated like a king. Besides all those the room was useless not fitting for me. It was smelly yet the staff claimed it was the best room on the hotel given only to special guests… Harubi December 28, 2024 At 11:38 pm This is just like from an ocean with spoon. It’s been a while since Ethiopian airlines has been violating passengers & their luggage. There are a lot of employees who trespasses your boundaries even i saw a lot of people crying because of their lost baggage & some items from their luggages. To cut a long story short you need to be careful or look for another airlines until they fix their services. This is just like from an ocean with spoon. It’s been a while since Ethiopian airlines has been violating passengers & their luggage. There are a lot of employees who trespasses your boundaries even i saw a lot of people crying because of their lost baggage & some items from their luggages. To cut a long story short you need to be careful or look for another airlines until they fix their services. Johan Opperman December 29, 2024 At 10:37 am I consider myself lucky if all my luggage arrived on the same flight as me. It was never lost but delivered a day later or so. I consider myself lucky if all my luggage arrived on the same flight as me. It was never lost but delivered a day later or so. Tesfaye Teka December 29, 2024 At 5:03 pm Ethiopian Airlines, who is so many prestigious award winner doesn’t deserve this. I know Nigerian passengers are very demanding beyond their rights on a given flight. They are disrespectful to passengers and the flight crue. I am not sure what the extent of the Authority NCAA and what it means the decision it passed and how it will impact ET. How ever Ethiopian Airlines is operating beyond Customer satisfaction. Ethiopian Airlines, who is so many prestigious award winner doesn’t deserve this. I know Nigerian passengers are very demanding beyond their rights on a given flight. They are disrespectful to passengers and the flight crue. I am not sure what the extent of the Authority NCAA and what it means the decision it passed and how it will impact ET. How ever Ethiopian Airlines is operating beyond Customer satisfaction. Tesfaye Teka December 29, 2024 At 6:02 pm I say again, Nigerian travelers ate very demanding beyond their rights. They are disrespectful. I don’t think that ET reported their bad behaviour except tolerating them. I saw them on different flights.; ET, Emerates,Turkush. Same behaviour all over. They don’t have any morale to abuse ET. First , let them stop and think about how they are bahvjng. They actvon a flight asbif they bought the plane or the entire Airline. I say again, Nigerian travelers ate very demanding beyond their rights. They are disrespectful. I don’t think that ET reported their bad behaviour except tolerating them. I saw them on different flights.; ET, Emerates,Turkush. Same behaviour all over. They don’t have any morale to abuse ET. First , let them stop and think about how they are bahvjng. They actvon a flight asbif they bought the plane or the entire Airline. Comments are closed.

Chinese EV Giant BYD Enters Ethiopian Market with Electric Vehicles

Chinese EV Giant BYD Enters Ethiopian Market with Electric Vehicles BYD, a leading Chinese electric vehicle (EV) manufacturer, has officially announced its entry into the Ethiopian market. The company unveiled its brand at a launch event in Addis Ababa, organized in partnership with Moenco, a subsidiary of Inchcape PLC, a London-based distributor specializing in premium automotive services. In a statement shared via social media, BYD highlighted its collaboration with Moenco to establish a robust sales network and provide extensive after-sales services for Ethiopian consumers. The company is introducing five electric car models, ranging from the compact BYD SEAGULL to the performance-oriented SUV, BYD TANG. A new showroom has also been inaugurated in Addis Ababa’s Bole Sub-City to support its operations. Yao Shu, BYD’s Sales Director for Africa and the Middle East, emphasized the significance of this milestone, stating, “Our entry into the Ethiopian market signifies a pivotal step in BYD’s expansion in East Africa. Ethiopia’s vision for electrification resonates with BYD’s objectives. We are confident in propelling electric mobility forward in Ethiopia.” Ethiopia has recently enacted legislation prohibiting the importation of non-electric vehicles, part of its “Logistics Master Plan” introduced by Transport Minister Alemu Sime. The policy aims to align with the country’s electrification goals and includes invitations to international EV manufacturers to explore local assembly and production opportunities. BYD’s entry follows a broader outreach made to Chinese EV companies in March 2024, as reported by Xinhua. However, this policy has faced criticism due to Ethiopia’s limited infrastructure for electric vehicles. Challenges such as frequent power outages and low electricity access—affecting over 60% of the population—have raised concerns about the feasibility of widespread EV adoption. Critics also point to the country’s economic struggles, with many citizens facing rising costs of living and limited incomes, making EV ownership inaccessible for the majority. Despite these challenges, BYD’s arrival presents an opportunity for Ethiopia’s automotive market, offering eco-friendly vehicle options to those able to afford them and potentially paving the way for future advancements in the country’s electric mobility sector. 1 COMMENT Ittu Aba Farda December 28, 2024 At 9:48 am What happened the electric cars supposedly being made in Eritrea? Why to go thousands of miles away to China and they are being made right next door? I don’t get it. I heard the electric vehicles made in Eritrea go 1,256 miles on a single charge and it takes only 15 minutes to fully recharge. What happened the electric cars supposedly being made in Eritrea? Why to go thousands of miles away to China and they are being made right next door? I don’t get it. I heard the electric vehicles made in Eritrea go 1,256 miles on a single charge and it takes only 15 minutes to fully recharge. Comments are closed.

Amhara Bank Sets Sights on Investment Banking, Poised to Transform Ethiopia’s Financial Landscape

Amhara Bank Sets Sights on Investment Banking, Poised to Transform Ethiopia’s Financial Landscape Amhara Bank is taking a bold step forward by venturing into investment banking services, signaling its ambition to play a pivotal role in Ethiopia’s emerging capital markets. This strategic move positions the bank as a key player in the nation’s financial evolution, aiming to provide tailored solutions for both businesses and individual investors. The announcement comes as the bank continues to report robust growth, with a 146% surge in revenue and a profit per share increase to 8.3% this fiscal year. With total assets reaching 35.2 billion birr, Amhara Bank is well-equipped to diversify its offerings and meet the growing demand for sophisticated financial services in Ethiopia. Investment banking services are expected to enable the bank to assist businesses in raising capital, facilitate mergers and acquisitions, and provide financial advisory services. These offerings align with Ethiopia’s ongoing economic reforms, including the introduction of capital markets, which are set to open new avenues for growth and investment. “We see immense potential in Ethiopia’s financial sector, and investment banking is a natural next step in our journey,” said Yohannes Ayalew, speaking in the bank’s annual report. “Our goal is to provide comprehensive financial solutions that empower businesses and contribute to the nation’s economic development.” This expansion is expected to attract both local and international investors, offering them new opportunities to participate in Ethiopia’s economic transformation. By bridging the gap between capital seekers and investors, Amhara Bank aims to drive innovation and economic growth, solidifying its role as a leader in the financial industry. As Ethiopia gears up for a more interconnected and dynamic financial future, Amhara Bank’s entry into investment banking sets a strong precedent for innovation, resilience, and strategic foresight in the sector.

World Bank Approves $700 Million Boost for Ethiopia’s Financial Sector

World Bank Approves $700 Million Boost for Ethiopia’s Financial Sector WASHINGTON, December 19, 2024 – Ethiopia’s financial system is set to receive a transformative boost following the World Bank’s approval of a $700 million credit for the Financial Sector Strengthening Project (FSSP). This ambitious initiative, funded through the International Development Association (IDA), aims to fortify the stability and resilience of Ethiopia’s financial sector, laying the groundwork for sustainable economic growth. Ethiopia’s financial system currently faces significant hurdles, including outdated regulatory frameworks and struggling public financial institutions. The FSSP is designed to address these challenges by modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), overhauling governance structures, and restructuring the balance sheets of key institutions like the Commercial Bank of Ethiopia (CBE) and the Development Bank of Ethiopia (DBE). The project will also support the transformation of the DBE into a sustainable development finance institution, ensuring its long-term viability in driving Ethiopia’s economic development. A critical component of the initiative is the capacity-building and implementation support for the NBE, CBE, and DBE, aimed at fostering resilience and improving financial accessibility for Ethiopians across the board. A Pathway to Stability and Growth Maryam Salim, World Bank Country Director for Eritrea, Ethiopia, South Sudan, and Sudan, emphasized the project’s transformative potential. “We are proud to support Ethiopia in its journey to transform and strengthen its financial sector. This project reflects our commitment to promoting economic stability and inclusive growth in the country. By boosting the capacity of key financial institutions, we aim to build a more resilient and accessible financial system that truly meets the needs of all Ethiopians,” Salim said. The approval of the FSSP marks a pivotal moment in Ethiopia’s efforts to build a financial system that supports economic diversity and inclusivity. Beyond resolving current challenges, the initiative aims to unlock new growth opportunities by fostering a robust financial ecosystem capable of adapting to future demands. The Role of IDA in Ethiopia’s Development The International Development Association (IDA), the financing arm behind the FSSP, has a long-standing history of supporting low-income countries with grants and low-interest loans. Established in 1960, IDA has provided over $552 billion to 115 countries, with a significant portion directed to Africa. Ethiopia’s FSSP is the latest example of IDA’s commitment to driving economic transformation and poverty reduction. As Ethiopia embarks on this critical phase of financial reform, the infusion of $700 million is expected to catalyze meaningful change, equipping its financial institutions to better serve the country’s 120 million citizens and enabling a more stable, inclusive, and prosperous future. For more information on the Financial Sector Strengthening Project and IDA’s work in Ethiopia, visit IDA.worldbank.org. 1 COMMENT Fentahun Chanie Bekele December 21, 2024 At 9:36 pm Thank you so much , for supporting at this crisis time , it will never forgotten Thank you so much , for supporting at this crisis time , it will never forgotten Comments are closed.