Ethiopian Airlines Added 3 New Weekly Flights to Rome

Ethiopian Airlines Added 3 New Weekly Flights to Rome Ethiopian Airlines recently launched three new weekly flights between Addis Ababa and Rome, starting on November 22, 2017. The announcement was made through the airline’s social media platforms, where it emphasized its intention to provide passengers with more flexible and convenient travel options. The new service operated daily for three days a week, complementing the airline’s existing schedule between the two cities. This expansion was part of Ethiopian Airlines’ ongoing efforts to address increasing passenger demand and enhance its international connectivity. Enhanced Travel Options With the addition of these flights, passengers gained more choices for their travel between Ethiopia and Italy. The enhanced schedule offered greater convenience for travelers, whether they were flying for business, leisure, or making onward connections. The move reinforced Ethiopian Airlines’ role as a leading carrier connecting Africa to the rest of the world. Strengthened Connectivity Rome, a significant destination for both tourism and business, became more accessible with the increased flight frequency. The additional flights facilitated stronger ties between Africa and Europe, benefiting travelers and promoting tourism and trade between the two regions. Part of a Broader Expansion Strategy Ethiopian Airlines has consistently worked to expand its network by introducing new routes and increasing flight frequencies. The launch of additional flights to Rome was a key step in the airline’s strategy to offer competitive travel options and meet the evolving needs of its growing customer base. Continued Service The airline encouraged passengers to check its official website or contact its customer service for up-to-date flight schedules and booking options. Ethiopian Airlines’ expanded service to Rome is part of its larger effort to provide seamless travel experiences and strengthen its position as a leading global airline. This development added more flexibility for passengers and contributed to the airline’s reputation for connecting destinations worldwide.

In Memory of Captain Mohamed Ahmed: The Leader Who Took Ethiopian Airlines to New Heights

In Memory of Captain Mohamed Ahmed: The Leader Who Took Ethiopian Airlines to New Heights The Ethiopian aviation industry has lost one of its most iconic pioneers with the passing of Captain Mohamed Ahmed (1932–2024). As a former CEO of Ethiopian Airlines, Captain Mohamed dedicated over a decade of his career to steering the airline through some of the most challenging and transformative periods in its history. His contributions not only elevated Ethiopian Airlines to new heights but also left an indelible mark on the global aviation industry. A Life of Dedication and Excellence Born in Harar, Ethiopia, in 1932, Mohamed Ahmed grew up in a family that instilled in him a deep sense of purpose and ambition. After a brief stint in the Ethiopian Air Force, he pursued higher education, earning a Bachelor of Science degree in Aeronautical Engineering from Saint Louis University. He later completed an executive program at Stanford University, equipping him with the technical expertise and leadership acumen to excel in the field of aviation. The Rise of a Leader Captain Mohamed’s journey with Ethiopian Airlines began in the 1960s as the chief aeronautical engineer. His technical knowledge and visionary thinking played a foundational role in shaping the airline’s early development. By 1980, he ascended to the role of CEO, a position he held during one of the most tumultuous eras in Ethiopia’s history. At the time, the airline faced operational challenges exacerbated by the Ethiopian Civil War and political interference from the Derg regime. Captain Mohamed’s leadership was nothing short of transformative. His steadfast commitment to preserving the airline’s independence from political influence ensured its survival and growth. Amid Cold War pressures, he boldly resisted government proposals to replace American aircraft with Soviet models, a move that would have compromised the airline’s global competitiveness. Under his leadership, Ethiopian Airlines entered a period of stability and prosperity by the late 1980s. His decisive actions, including workforce optimizations and strategic partnerships, restored the airline’s reputation for excellence and innovation. Global Recognition and Legacy Captain Mohamed’s achievements extended beyond Ethiopian Airlines. In 1992, he became the Secretary General of the African Airlines Association, where he championed the interests of African aviation on the global stage. American writer Paul B. Henze, who met Captain Mohamed in 1990, described him as one of the top entrepreneurs in the developing world, a leader deeply committed to his homeland and its progress. A Farewell to a Trailblazer Today, the aviation community and the nation mourn the loss of a leader whose vision and determination helped build a cornerstone of Ethiopia’s modern identity. Captain Mohamed Ahmed was laid to rest at the Kolfe Muslim Cemetery in Addis Ababa. His funeral was attended by Ethiopian Airlines Group CEO Mesfin Tasew, senior management, employees, former colleagues, family, and friends—a testament to the profound impact he had on so many lives. A Lasting Inspiration Captain Mohamed Ahmed’s life was a testament to resilience, innovation, and an unwavering commitment to excellence. His legacy will continue to inspire not only those within Ethiopian Airlines but also generations of Africans striving to make their mark on the global stage. Ethiopian Airlines stands today as a beacon of African aviation, a living tribute to his leadership and vision. Captain Mohamed Ahmed’s contributions remind us that great leaders not only guide institutions through challenges but also leave behind legacies that endure. His work has etched his name into the annals of Ethiopian history and the hearts of all who had the privilege of knowing him. May he rest in peace. 4 COMMENTS TG November 27, 2024 At 1:48 am My favorite story about Capt. Mohamed is one told by my father who was the head of the post office at the time Capt. Mohamed was heading Ethiopian Airlines. Captain Mohammed would say to my father, “I make millions in profit, not thousands like you” and my father would reply “you know I sell stamps to make profit, you fly jets”. My favorite story about Capt. Mohamed is one told by my father who was the head of the post office at the time Capt. Mohamed was heading Ethiopian Airlines. Captain Mohammed would say to my father, “I make millions in profit, not thousands like you” and my father would reply “you know I sell stamps to make profit, you fly jets”. Solomon November 27, 2024 At 2:51 am It is a big loss for Ethiopia. A big condolences for his families and Ethiopian Airlines and Ethiopia, too. It is a big loss for Ethiopia. A big condolences for his families and Ethiopian Airlines and Ethiopia, too. Ittu Aba Farda November 27, 2024 At 5:03 am I heard this gentleman was the one who fought off Mengistu from meddling into the business of the iconic airline. One ally on the side of this patriot was that Mengistu was too dumb to understand the intricacies of the airline business. May he rest in eternal peace!!! A. Kalifa November 28, 2024 At 11:32 am True. He is my uncle, my mom’s older brother. First day as the CEO of E A, he removed all Mengistus and communist leaders pictures out of the airport. Mengistu might be dumb but he was smart enough to let him do it his way or at the least negotiated with him. He also immediately fired about 400 employees that were there just because they were soldiers. My sister once asked him to get her a job there. He said sure, go talk to Mulu at the office. So my sister went and talked to Mulu. Mulu welcomed my sister with big hug and told her that she heard great things about her and was expecting her. She then handed her a form and said, fill this up and go behind the last person in line. Good luck, I know you’ll pass all the tests. That’s how he made Ethiopian Airlines one of the best. He hired the most qualified people. No favoritism. He was a sta d up guy, a man of principle, a model of integrity. RiP I heard this gentleman was the one who fought off Mengistu from meddling into the business of the iconic airline. One ally on the side of this patriot was that Mengistu was too dumb to understand the intricacies of the airline business. May he rest in eternal peace!!! A. Kalifa November 28, 2024 At 11:32 am True. He is my uncle, my mom’s older brother. First day as the CEO of E A, he removed all Mengistus and communist leaders pictures out of the airport. Mengistu might be dumb but he was smart enough to let him do it his way or at the least negotiated with him. He also immediately fired about 400 employees that were there just because they were soldiers. My sister once asked him to get her a job there. He said sure, go talk to Mulu at the office. So my sister went and talked to Mulu. Mulu welcomed my sister with big hug and told her that she heard great things about her and was expecting her. She then handed her a form and said, fill this up and go behind the last person in line. Good luck, I know you’ll pass all the tests. That’s how he made Ethiopian Airlines one of the best. He hired the most qualified people. No favoritism. He was a sta d up guy, a man of principle, a model of integrity. RiP True. He is my uncle, my mom’s older brother. First day as the CEO of E A, he removed all Mengistus and communist leaders pictures out of the airport. Mengistu might be dumb but he was smart enough to let him do it his way or at the least negotiated with him. He also immediately fired about 400 employees that were there just because they were soldiers. My sister once asked him to get her a job there. He said sure, go talk to Mulu at the office. So my sister went and talked to Mulu. Mulu welcomed my sister with big hug and told her that she heard great things about her and was expecting her. She then handed her a form and said, fill this up and go behind the last person in line. Good luck, I know you’ll pass all the tests. That’s how he made Ethiopian Airlines one of the best. He hired the most qualified people. No favoritism. He was a sta d up guy, a man of principle, a model of integrity. RiP Comments are closed.

House of People’s Representatives Approves 582 Billion Birr as Additional Federal Government Budget

House of People’s Representatives Approves 582 Billion Birr as Additional Federal Government Budget The House of People’s Representatives of the Federal Democratic Republic of Ethiopia has approved an additional 582 billion birr federal government budget for the 2017 fiscal year. This decision was made during the House’s 6th regular session in its 4th year of office. The additional budget is earmarked for several critical purposes, including the repayment of foreign and domestic debt, subsidies for essential social needs such as fertilizers, medicines, and edible oil, expansion of capital projects, social safety net programs, and government employee salary reforms. In presenting the budget, its proponents emphasized its necessity for the 2017 fiscal year. Dr. Tesfaye explained that the increased budget was prompted by the rise in both domestic and foreign expenditures resulting from Ethiopia’s recent macroeconomic reforms. Out of the total 582 billion birr supplementary budget, 393 billion birr is allocated for regular expenditures, 70 billion birr for capital projects, and 119 billion birr for expenditure adjustments. During the session, members of the council raised several concerns and questions regarding the additional budget. Key issues included whether the supplementary budget was excessive, whether it could trigger inflation, and whether the collection of 282 billion birr in taxes to finance part of the budget might place undue pressure on taxpayers. Responding to these concerns, Minister of Finance Ahmed Shide explained that the additional budget was proportionate to Ethiopia’s status as a developing country with a population of 120 million. He further stated that as the country’s economic growth accelerates, future fiscal years may require even larger budgets. The Minister assured the parliament that the additional budget would be financed through a mix of domestic and foreign revenue sources and that it was intended to support low-income government employees and safety net beneficiaries. He emphasized that the budget was structured to avoid fueling inflation. Following extensive deliberation, the council approved the supplementary budget bill for the 2017 fiscal year as Proclamation No. 1355/2017. The decision passed with three objections and five abstentions.

Commercial Bank of Ethiopia to Adjust Loan Interest Rates and Service Fees

Commercial Bank of Ethiopia to Adjust Loan Interest Rates and Service Fees Addis Ababa, Ethiopia – The Commercial Bank of Ethiopia (CBE) has announced its intention to implement adjustments to loan interest rates and service fees. The changes will apply to various services, including loan products, branch and digital banking, and international banking services. The bank has stated that the adjustments are aimed at aligning with current market dynamics and ensuring the sustainability of its operations. CBE has reassured customers that notifications will be provided ahead of the implementation to allow sufficient time for preparation. CBE, one of the largest financial institutions in Ethiopia, emphasized its commitment to maintaining transparency and providing continued access to reliable financial services. For further details or inquiries, customers are encouraged to contact their nearest CBE branch or visit the bank’s official communication channels.

Awash Bank Announces Pre-Tax Profit of Nearly 11 Billion Birr

Awash Bank Announces Pre-Tax Profit of Nearly 11 Billion Birr Awash Bank, Ethiopia’s first private bank, held its 29th Annual General Meeting (AGM) today and announced plans to celebrate its 30th anniversary in January. Presenting the 2023/24 fiscal year report at the meeting, the bank’s board chairman, Ato Gure Kumsa, told Bisrat Radio and Television that the bank’s total income for the fiscal year reached 36.58 billion birr, an increase of 7.77 billion birr, or 27 percent, compared to the previous fiscal year. He stated that the bank’s total loans reached 183.5 billion birr, with 21.6 billion birr disbursed during the fiscal year. The bank’s profit before tax stood at 10.8 billion birr, an increase of 1.06 billion birr, or 11 percent, from the previous fiscal year. Ato Gure also highlighted that Awash Bank opened 74 new branches during the fiscal year, bringing its total branch network to 947, and attracted more than 2 million new customers. The bank’s deposits, including LC margins, reached 232 billion birr, reflecting an increase of 45.1 billion birr, or 24 percent, compared to the same period last year. The bank collected 1.5 billion US dollars from exports and provided 37.6 billion birr in new loans, he added. It was further announced that the bank’s total assets increased by 60.3 billion birr. Additionally, the bank reaffirmed its commitment to fulfilling its social responsibilities by supporting drought-affected and displaced citizens and contributing to development initiatives requested by the government.

ADvTECH Expands into Ethiopia with $7.5 Million Acquisition of Flipper International School

ADvTECH Expands into Ethiopia with $7.5 Million Acquisition of Flipper International School In a significant move to expand its presence across Africa, JSE-listed private education provider ADvTECH Group has announced the acquisition of Flipper International School, a well-established Ethiopian school group based in Addis Ababa. The $7.5 million deal brings five campuses and approximately 3,000 students into ADvTECH’s growing portfolio of private education institutions. ADvTECH CEO Geoff Whyte highlighted the strategic importance of the acquisition, stating, “We are delighted to welcome Flipper International School to the ADvTECH Group as we expand our presence across Africa and further cement our status as the leaders in teaching and learning on the continent.” The funding for this acquisition was raised internally, reflecting ADvTECH’s strong financial position. Ethiopia’s Growing Demand for Private Education Founded in 1998 by Ethiopian educators Menna Selamu Bekele and Serkaddis Seifu Yeteshawork, Flipper International School has been a prominent name in Addis Ababa’s education sector. Known for its academic excellence, the school operates five campuses in the Beklobet and Summit areas of the city. With rapid urbanization straining public education resources in Ethiopia’s capital, the demand for quality private schooling has surged. ADvTECH’s entry into the Ethiopian market comes at a time when private institutions are increasingly seen as critical players in bridging educational gaps. “As a business, ADvTECH is in a unique position to make a truly meaningful difference to people’s lives and futures. Flipper International School has always been a beacon of academic excellence in the region,” said Whyte. “We look forward, therefore, to applying our resources and expertise to this school and taking it to even greater heights in the years to come.” Reflections from Flipper’s Co-founder Menna Selamu Bekele, who co-founded Flipper International School, reflected on the institution’s journey and its transition to ADvTECH. “The creation of Flipper International School was driven by a vision to provide quality education that could adapt to the ever-changing global landscape while staying true to our local ethos,” she stated. Since its founding, the school has grown into a renowned institution, contributing to both educational development and the local economy by creating job opportunities. Bekele expressed confidence in the future under ADvTECH’s stewardship, saying, “The transition of ownership to ADvTECH is a strategic move to ensure that Flipper International School not only sustains its legacy but also enhances its offerings. This new chapter is not just a continuation of our legacy but an expansion into new realms of possibility.” Leadership Strengthening at ADvTECH In related news, ADvTECH has announced the appointment of Hannes Boonzaaier as the designated group chief financial officer and executive director, effective February 1, 2025. This leadership transition is expected to support the group’s continued growth as it pursues further opportunities across the continent.

Commercial Bank of Ethiopia Moves to Establish an Investment Bank

Commercial Bank of Ethiopia Moves to Establish an Investment Bank The Commercial Bank of Ethiopia (CBE) is in the process of establishing an investment bank, a move aligned with recent regulatory changes aimed at fostering growth in Ethiopia’s financial sector. This initiative is being coordinated with the involvement of Mr. Zemedeneh Ngatu, an experienced investment consultant and managing director of Fairfax Africa Fund. Regulatory Changes Enable New Opportunities The establishment of the investment bank follows the repeal of a 2017 directive that restricted commercial banks from participating in various investment sectors. The annulment of this directive on July 23, 2024, and subsequent provisions in the Capital Market Proclamation now permit commercial banks to own full stakes in non-credit institutions such as investment banks. This regulatory shift is part of broader efforts to build a capital market infrastructure in Ethiopia. Investment Banks and Their Role in the Economy Investment banks are central to capital markets, offering advisory services to businesses, start-ups, and other organizations seeking to raise funds. They also act as intermediaries in the issuance and sale of shares, facilitate mergers and acquisitions, and provide consulting services. Their revenue comes from fees generated through these services, making them key players in financial ecosystems. CBE’s initiative to enter the investment banking sector is seen as a significant step, leveraging its position as a state-owned institution to instill confidence in the market. Coordination with Mr. Zemedeneh Ngatu The involvement of Mr. Zemedeneh Ngatu in this project reflects CBE’s strategy to tap into his expertise in investment and fund management. As the managing director of Fairfax Africa Fund, Mr. Zemedeneh brings experience in advising and managing investment projects. His role in guiding the establishment of this investment bank underscores the significance of creating a strong foundation for Ethiopia’s capital markets. Fairfax Africa Fund is a consulting firm specializing in fund management, pooling resources from various parties to invest in profitable ventures. However, its track record in Ethiopia has yet to be widely documented. Insights from Mr. Zemedeneh’s Career Mr. Zemedeneh has held various leadership roles in the investment and consulting sectors. Previously associated with Ernst & Young, he parted ways with the international consulting firm following disagreements. He was also involved in the initial stages of establishing Selam Bank, although the venture faced challenges in meeting its capital requirements. Implications for Ethiopia’s Financial Market CBE’s move to establish an investment bank is expected to play a pivotal role in shaping Ethiopia’s nascent capital market. By providing advisory services and facilitating access to financing, the investment bank could serve as a catalyst for economic growth. Its presence is likely to attract investors and support businesses seeking to raise capital. The Commercial Bank of Ethiopia’s initiative marks a significant development in the country’s financial sector. While the success of this venture will depend on its execution and market reception, it represents a key step toward diversifying Ethiopia’s financial landscape and building confidence in its capital markets. 2 COMMENTS Business Commercial Bank of Ethiopia Moves to Establish an Investment Bank - Ethio Diaspora Hub Service November 22, 2024 At 2:59 pm […] Click here to read more […] […] Click here to read more […] Redae Shumuye Tesfay November 23, 2024 At 1:50 pm lt Should be Create Economical Potentioal and job create for any field but especial for Economics Engineering and Agriculture lt Should be Create Economical Potentioal and job create for any field but especial for Economics Engineering and Agriculture Comments are closed.

Ethiopia Set to Begin Electricity Exports to Tanzania via Kenya

Ethiopia Set to Begin Electricity Exports to Tanzania via Kenya Ethiopia is preparing to commence electricity exports to Tanzania through Kenya, marking a significant step in cross-border energy trade within East Africa. According to Bloomberg, Ethiopia plans to supply 100 megawatts of electricity to Tanzania once all agreements between the countries are finalized. Key Developments in the Agreement Ethiopian Electric Power (EEP) Corporate Communications Director, Moges Mekonen, indicated that the initial power sale amount may be adjusted based on future discussions between Ethiopia and Tanzania. Kenya and Tanzania have already reached an agreement to utilize high-voltage transmission lines for this initiative. However, the agreement is still awaiting approval from Kenya’s regulatory authority. Once the regulatory hurdles are cleared, Ethiopia will transmit electricity via the high-voltage line from Wolaita Sodo in Ethiopia, passing through Kenya’s Suswa substation, to reach northern Tanzania. Strategic Importance of the Deal This arrangement highlights Ethiopia’s ambitions to become a regional power hub, leveraging its abundant renewable energy resources, including hydropower. The deal also underscores the growing cooperation between East African countries to enhance energy access and reliability through shared infrastructure and resources. Finalizing the agreements and ensuring infrastructure readiness are the key steps remaining before the power trade can commence. Ethiopia’s ability to integrate into the broader East African power pool will likely open the door for further energy trade agreements, supporting economic growth and regional development. This initiative is expected to strengthen partnerships in the region, address power shortages, and pave the way for sustainable energy solutions in East Africa.

Ethiopia Approves 581 Billion Birr Supplementary Budget for 2024/25

Ethiopia Approves 581 Billion Birr Supplementary Budget for 2024/25 In a significant session, Ethiopia’s Council of Ministers convened for its 40th regular meeting, deliberating on a range of pivotal issues that aim to shape the country’s socio-economic and environmental landscape. Here’s a breakdown of the key discussions and decisions: 1. Adoption of Medium-Term Macroeconomic and Fiscal Framework (2017-2021) The council approved a comprehensive macroeconomic and fiscal framework to serve as a blueprint for the second phase of Ethiopia’s indigenous economic reforms. This framework aligns with the country’s fiscal policy adjustments and prepares for the 2017 federal supplementary budget. Following detailed discussions, the council unanimously endorsed the framework, marking it as a cornerstone for Ethiopia’s continued growth and reform. 2. Approval of Federal Supplementary Budget To support the implementation of the revised medium-term framework, the council reviewed and approved a supplementary budget of 581.98 billion Birr. This allocation addresses both regular expenses and cost adjustments while reflecting the government’s financial capacity and projected revenues. The council decided to forward the budget proposal to the House of Representatives for final approval, signaling its commitment to fiscal responsibility and economic resilience. 3. Establishment of the Institute of Certified Accountants in Ethiopia Recognizing the critical role of professional accountants in enhancing financial reporting standards, the council discussed a draft decree to establish the Institute of Certified Accountants in Ethiopia. The institute aims to bolster the quality of financial management in both public and private sectors. After extensive deliberations, the council resolved to forward the draft to the House of People’s Representatives, envisioning a future of transparency and professionalism in financial practices. 4. Tackling Solid Waste Management and Single-Use Plastics The council addressed the pressing issue of solid waste management, presenting a bill to create a robust legal framework for sustainable waste collection, transportation, and disposal. Aimed at curbing environmental degradation, the bill also includes a ban on single-use plastics. This initiative ties into Ethiopia’s Green Legacy Program, reinforcing the country’s commitment to environmental health and urban beautification. The council approved the bill and moved it forward to the House of Representatives. 5. Amendments to the National Reform Commission Regulation To empower the National Reform Commission in fulfilling its mandate, the council approved amendments to its foundational regulation. The updated rules will enable the commission to operate more effectively and address its legal responsibilities. The council decreed that the amendments be implemented immediately upon publication in the Federal Negarit Gazette. 6. Bill on the Development and Protection of Water Bodies Acknowledging the environmental and economic significance of Ethiopia’s water bodies, the council endorsed a bill to safeguard and sustainably develop water ecosystems. This measure aims to prevent shoreline degradation, enhance ecosystem services, and create economic opportunities for local communities. The council unanimously agreed to submit the bill to the House of Representatives for further action. 7. Establishment of the High Council of Basins The council concluded by addressing the establishment of a High Council of Basins to oversee integrated water resource management. The council emphasized the need for a strategic, collaborative approach to utilizing Ethiopia’s surface and underground water resources sustainably. The proposed body will provide leadership in managing water resources at the basin level, ensuring equitable and efficient use. The bill was unanimously approved to proceed to the House of People’s Representatives.