Takele Uma Returns to Leadership as Ethio-Djibouti Railway CEO

Takele Uma Returns to Leadership as Ethio-Djibouti Railway CEO Addis Ababa (July 9, 2016) – (Dr.) Engineer Takele Uma Benti has been appointed as the Chief Executive Officer of the Ethio-Djibouti Railway by Prime Minister,Abiy Ahmed (Dr.). The appointment is effective immediately. Engineer Takele Uma Benti has a diverse background in government roles. He served as the Mayor of Addis Ababa, where he oversaw various urban development and infrastructure projects. His efforts were focused on enhancing the city’s infrastructure and public services. Following his tenure as Mayor, Engineer Takele Uma took on the role of Minister of Mines. In this position, he managed Ethiopia’s mineral resources and worked on policies aimed at boosting the sector’s contribution to the national economy. His work in the Ministry of Mines included attracting foreign investment and promoting sustainable mining practices. In addition to his governmental roles, Engineer Takele Uma spent two years at Harvard University pursuing an MBA. This academic experience provided him with advanced knowledge in business administration, strategic planning, and organizational management. The Ethio-Djibouti Railway is a key transportation link between Ethiopia and Djibouti, facilitating the movement of goods and passengers between the two countries. Engineer Takele Uma’s appointment is expected to bring new strategies to the railway’s operations.

UAE and Ethiopia Forge Landmark Currency Swap Deal to Boost Trade and Investment

UAE and Ethiopia Forge Landmark Currency Swap Deal to Boost Trade and Investment Addis Ababa (16 July 2024) – In a landmark financial collaboration, the Central Bank of the UAE (CBUAE) and the National Bank of Ethiopia (NBE) have signed a bilateral currency swap agreement for the UAE Dirham and Ethiopian Birr. The agreement was formalized by His Excellency Khaled Mohamed Balama, Governor of the CBUAE, and His Excellency Mamo E. Mihretu, Governor of the NBE. The swap agreement, amounting to AED 3 billion and ETB 46 billion, aims to enhance financial and commercial ties between the UAE and Ethiopia by ensuring liquidity and enabling efficient cross-border transactions. Alongside the swap agreement, two Memoranda of Understanding (MoUs) were signed to establish a framework for using local currencies in cross-border transactions and to integrate payment and messaging systems. Key Points of the Agreement: Local Currency Use: The agreement promotes the use of the two countries’ local currencies in settling transactions, facilitating commercial exchanges, and enhancing financial market cooperation. Payment Platform Integration: The MoUs focus on integrating instant payment systems, national card switches, and messaging systems in compliance with regulatory requirements, fostering cooperation in financial technology and digital currencies. Economic Cooperation: This initiative is expected to boost economic opportunities, investment, and bilateral trade prospects between the two nations. Governor Khaled Mohamed Balama emphasized the agreement’s significance in reflecting robust economic cooperation and facilitating trade and investment. “Swapping the currencies of the two countries and using local currencies to settle cross-border transactions and enhance the effectiveness of their instant payment systems, electronic switches, and messaging systems will enhance economic, trade, and investment prospects,” he stated. Governor Mamo E. Mihretu highlighted the UAE as one of Ethiopia’s largest trading partners and underscored the strategic importance of the arrangement in fostering sustainable development and mutual benefits. “Both the bilateral currency swap agreement and the MoUs signed today are a testament to the shared commitment of the two countries to further deepen our already close bilateral partnership,” he remarked. This agreement represents a pivotal step in strengthening the economic ties between the UAE and Ethiopia, paving the way for increased trade, investment, and financial collaboration. For further information, please visit: National Bank of Ethiopia

AdGo Unveils New Out-Of-Home Advertising Platform in Ethiopia

AdGo Unveils New Out-Of-Home Advertising Platform in Ethiopia AdGo has announced the launch of AdGo.ET, a new Out-Of-Home (OOH) advertising platform designed to simplify and enhance the advertising process for businesses in Ethiopia. The platform aims to provide a comprehensive range of advertising solutions, making it easier for companies to manage their campaigns from anywhere. New Advertising Solutions AdGo.ET offers a variety of advertising formats, including billboards, wall ads, LED screens, mall ads, and vehicle wraps. The platform is designed to cater to the needs of businesses of all sizes, from local startups to established enterprises, providing them with multiple options to increase their brand visibility. User-Friendly Interface The platform emphasizes ease of use, featuring an intuitive interface that allows users to manage their advertising campaigns with minimal effort. This accessibility is intended to make high-quality advertising solutions more widely available, enabling businesses to efficiently plan and execute their marketing strategies. AdGo has recently been recognized as a Platinum Corporate Member of the Ethiopian Marketing Professionals Association. This membership reflects the company’s commitment to advancing the marketing industry in Ethiopia through innovative technology and services. The development and launch of AdGo.ET are the results of extensive efforts by AdGo’s diverse team, who have worked to create a platform that meets the evolving needs of the advertising market. The company aims to continue improving and expanding its services based on user feedback and industry trends. Businesses interested in using the new platform can sign up at adgo.et/join or start exploring the service at adgo.et/app. AdGo encourages users to provide feedback, which will be instrumental in refining and enhancing the platform. Contact Information For further details about AdGo.ET, visit the official website at https://adgo.et/, send an email to contact@adgo.et, or connect on LinkedIn. The launch of AdGo.ET represents a significant development in the Ethiopian advertising industry, offering businesses a new tool to improve their marketing efforts. As the platform becomes operational, it will be interesting to observe its impact on the market and its adoption by local businesses.

Ethiopian Airlines’ New Dollar-Only Policy: What It Means for Travelers and Businesses

Ethiopian Airlines’ New Dollar-Only Policy: What It Means for Travelers and Businesses Ethiopian Airlines has announced that airline tickets for passengers outside the country will now only be available for purchase in US dollars. Previously, international travelers could buy air transport tickets using birr if they visited Addis Ababa, but this change is effective immediately from Monday, July 8, 2024. This new policy will affect companies dealing with limited dollar availability. Concerns have been raised about the potential impact of this decision, with sources indicating it could significantly affect their operations. Traditionally, Ethiopia has allowed foreign tourists to purchase air tickets in local currency during their visits. However, under the new system implemented by Ethiopian Airlines, these purchases must now be made in dollars. Last week, Capital reported that the inability of airlines to repatriate funds from ticket sales in Ethiopia is hindering the country’s economic growth and recovery, citing industry leaders. As of June 2024, Ethiopia had $115 million in airline funds blocked from repatriation, the third highest amount in Africa, behind only Algeria ($261 million) and the CFA Franc Zone countries ($140 million). This represents over 13% of the total $880 million in blocked airline funds across the African continent. “The blocked funds issue is a significant constraint on our ability to invest and operate effectively in the Ethiopian market,” said Kamil Alawadhi, IATA’s Regional Vice President for Africa and the Middle East. “It undermines confidence, limits route network development, and reduces the economic benefits that aviation can deliver for Ethiopia.” IATA’s latest industry forecast projects that African airlines will return to profitability in 2024, earning a collective net profit of $100 million. However, this equates to just 90 cents per passenger – well below the global average of $6.14 per passenger. Alawadhi noted that the blocked funds crisis in countries like Ethiopia is a major factor holding back the aviation sector’s contribution to economic growth across the continent. “Aviation is a catalyst for jobs, trade, tourism, and economic development. But we can only fulfill that potential if governments ensure airlines can repatriate their revenues without unnecessary barriers,” said Alawadhi. “Resolving the blocked funds issue in Ethiopia and across Africa needs to be an urgent priority.”

CBE Announces Historic 25.6 Billion Birr Pre-Tax Profit for 2023/24 Fiscal Year

CBE Announces Historic 25.6 Billion Birr Pre-Tax Profit for 2023/24 Fiscal Year The Commercial Bank of Ethiopia (CBE) has announced an exceptional financial performance for the 2023/24 fiscal year, marking a significant milestone in the bank’s history. The bank’s total revenue reached 135.4 billion Birr, representing a 13% growth compared to the previous fiscal year. Furthermore, CBE recorded a pre-tax profit of 25.6 billion Birr, the highest in its history, thanks to effective cost-cutting strategies and turnaround efforts. Financial Performance The bank’s total revenue reached 135.4 billion Birr, reflecting a 13% growth compared to the previous fiscal year. Pre-tax profit for the period was recorded at 25.6 billion Birr, the highest in the bank’s history, driven by effective cost management strategies and operational improvements. Growth in Deposits and Customer Base CBE saw a significant increase in total deposits, which surpassed 1.17 trillion Birr. The bank’s customer base also expanded, now exceeding 45 million. Loan disbursements totaled more than 218 billion Birr, with a substantial 91% (over 198 billion Birr) directed to the private sector. The bank reported an improvement in its bad loan stock, reducing it to 2.6% by the end of the fiscal year. Transaction Volume and Digital Payments The bank recorded over 1.56 billion transactions during the fiscal year, with a total cash transfer of over 31.6 trillion Birr. A notable 1.19 billion transactions, accounting for 72%, were conducted through digital payment options. This highlights the bank’s ongoing efforts to enhance digital banking services. Reforms and Strategic Initiatives Under its five-year master plan, CBE has implemented several reforms aimed at reducing bad loans and improving operational efficiency. These reforms have played a significant role in the bank’s overall financial performance. Community Engagement and Social Responsibility CBE allocated a portion of its budget to community and development initiatives. Notably, the bank supported the Ethiopian Commercial Bank football team in its efforts to qualify for the Ethiopian Premier League Cup. Additionally, CBE contributed 23 million Birr to the “Clean Ethiopia” movement. Recovery Efforts The bank reported significant progress in its recovery efforts related to a system update issue that occurred on March 7, 2016. CBE successfully recovered 99.34% (796.6 million Birr) of the 801.4 million Birr impacted, with ongoing efforts to recover the remaining 4.76 million Birr. The financial performance of the Commercial Bank of Ethiopia for the 2023/24 fiscal year shows considerable growth in revenue, deposits, and customer base. The bank’s focus on digital transactions, strategic reforms, and community engagement has contributed to its overall results. CBE continues to implement measures aimed at sustaining its growth and enhancing its service offerings.

Commercial Bank of Ethiopia Celebrates Record-Breaking 25.6 Billion Birr Profit

Commercial Bank of Ethiopia Celebrates Record-Breaking 25.6 Billion Birr Profit Addis Ababa, Ethiopia – July 12, 2024 The Commercial Bank of Ethiopia (CBE) has announced an exceptional financial performance for the 2023/24 fiscal year, marking a significant milestone in the bank’s history. The bank’s total revenue reached 135.4 billion Birr, representing a 13% growth compared to the previous fiscal year. Furthermore, CBE recorded a pre-tax profit of 25.6 billion Birr, the highest in its history, thanks to effective cost-cutting strategies and turnaround efforts. Significant Growth in Deposits and Customer Base One of the key highlights of the fiscal year was the increase in total deposits, which surpassed 1.17 trillion Birr. The bank also experienced a notable rise in its customer base, exceeding 45 million customers. CBE provided more than 218 billion Birr in loans, with 91% (over 198 billion Birr) directed to the private sector. The bank’s total bad loan stock showed significant improvement, reaching 2.6% by the end of the year. Reforms and Digital Transformation The bank’s ongoing reforms, based on its five-year master plan, have been fruitful, significantly reducing bad loans and enhancing CBE’s reputation as a secure financial institution. Additionally, the number of transactions during the fiscal year exceeded 1.56 billion, with a total cash transfer of over 31.6 trillion Birr. Notably, 1.19 billion transactions (72%) were conducted through digital payment options, reflecting the bank’s focus on digital payment systems to provide convenient services for customers and expand new services swiftly. Community Engagement and Social Responsibility CBE has also demonstrated its commitment to social responsibility by engaging in extensive development and community support activities. The bank allocated a substantial budget for these initiatives, including supporting the Ethiopian Commercial Bank football team in qualifying for the Ethiopian Premier League Cup and contributing 23 million Birr to the “Clean Ethiopia” movement. Resilience in the Face of Challenges Despite facing numerous challenges during the fiscal year, CBE’s ability to overcome these obstacles and achieve high results highlights the bank’s resilience and strength. The bank successfully recovered 99.34% (796.6 million Birr) of the 801.4 million Birr affected by a system update issue on March 7, 2016, with ongoing efforts to recover the remaining 4.76 million Birr.

Ethiopia Immigration and Citizenship Service to Roll Out VIP Door-to-Door Passport Delivery

Ethiopia Immigration and Citizenship Service to Roll Out VIP Door-to-Door Passport Delivery VIP Door-to-Door Passport Delivery Service to Launch in Ethiopia This September Immigration and Citizenship Service Enhances Operations Amid Record High Passport Issuances and Upcoming E-Passport System Introduction In a significant move aimed at improving customer service and convenience, Ethiopia’s Immigration and Citizenship Service has announced the launch of a door-to-door passport delivery service for VIP customers, set to begin in September 2024. This new service will cater to all citizens willing to pay additional fees, providing a personalized and efficient solution for obtaining travel documents. Record-Breaking Year for Passport Issuance Over the past 12 months, the Immigration and Citizenship Service has issued more than one million passports, marking a record-breaking year for the institution. According to the annual performance statement, 1.1 million passports were distributed during the 2016 fiscal year, the highest number ever achieved by the service. This accomplishment generated 14.7 billion birr in revenue from passport and related service fees. Operational Improvements and Capacity Expansion Despite facing ongoing complaints from both the House of Representatives and customers, the Immigration and Citizenship Service has made significant strides in enhancing its procedures. Director General Selamawit Dawit highlighted that recent improvements have increased the daily passport printing capacity from 2,000 to 14,000. As a result, new passport applicants in Ethiopia can now expect to receive their passports within two months. Upcoming E-Passport System Looking ahead, the service plans to introduce the E-Passport system next year. This initiative aims to eliminate the use of fake passports and documents, further enhancing the security and reliability of Ethiopia’s travel documents. Revised Passport Fee Tariff Starting August 1, 2024, the Immigration and Citizenship Service will implement a revised passport fee tariff. This adjustment is part of a broader effort to streamline operations and improve service delivery for Ethiopian citizens. Lifting of Long-Standing Travel Bans In another notable development, the Immigration and Citizenship Service announced the lifting of travel bans for 10,000 individuals who were previously restricted from entering or leaving the country. These bans, some dating back to 1978, were lifted under new authority recently approved by the House of Representatives. The new decree grants the Director General of Immigration and Nationality Services the authority to impose restrictions on individuals deemed to affect national interests. Addressing Legal Concerns The new decree has faced criticism from legal experts, prompting an explanation from Director General Selamawit Dawit. She clarified that the previous procedure of suspending the immigration and citizenship service has been revised, and the new decree now assigns this responsibility directly to the director general. Combating Illegal Residency In April, Ethiopia deported over 18,000 foreign nationals living illegally in the country. The Immigration and Citizenship Service revealed that these individuals were expelled due to falsified residency permits. The report presented to the House of People’s Representatives highlighted that some individuals were involved in creating and selling counterfeit residency documents for financial gain, while others engaged in illegal activities under the guise of investment permits. The introduction of the VIP door-to-door passport delivery service, coupled with operational improvements and the upcoming E-Passport system, reflects Ethiopia’s commitment to enhancing its immigration services and ensuring the integrity of its travel documents. As the country continues to modernize its operations, citizens can look forward to more efficient and secure passport services.

Addis Alemayehou Appointed to KEFI Gold and Copper PLC Board

Addis Alemayehou Appointed to KEFI Gold and Copper PLC Board KEFI Gold and Copper PLC (AIM: KEFI, OTC: KFFLF) has appointed Addis Alemayehou as an independent non-executive director, marking a significant addition to their board. Alemayehou, based in Ethiopia, brings a wealth of experience and a distinguished track record in business and media ventures. He serves as the chairman of Kazana Group, a prominent investment firm known for its diverse portfolio and strategic investments in Ethiopia and beyond. Alemayehou’s entrepreneurial spirit is evident through his pivotal role in establishing Kana TV, Ethiopia’s pioneering dubbed television station, which has transformed the country’s media landscape. Additionally, his leadership extends to Afro FM, Ethiopia’s first English-language radio station, and 251 Communications, further solidifying his influence in the media sector. Beyond media, Alemayehou holds a pivotal position on the board of Dangote Industries in Ethiopia, a key player in Africa’s cement production sector. His involvement underscores his deep-rooted connections within Ethiopia’s business community and his understanding of local dynamics. Harry Adams, executive chairman of KEFI, expressed his enthusiasm for Alemayehou’s appointment, emphasizing the strategic importance of his local expertise and relationships. Adams highlighted that Alemayehou’s insights will be instrumental in advancing KEFI’s flagship project, the Tulu Kapi Gold Project. This appointment reaffirms KEFI’s commitment to fostering local participation across all levels of management and financing within their operations. Alemayehou is slated to officially join the board following the upcoming Annual General Meeting scheduled for 22 July. His appointment is expected to bolster KEFI’s strategic initiatives and enhance their presence in Ethiopia’s evolving economic landscape.

Ethiopian Fuel Prices Soar: New Rates Announced by Ministry

Ethiopian Fuel Prices Soar: New Rates Announced by Ministry Addis Ababa, Ethiopia – The Ministry of Trade and Regional Affairs has announced a significant adjustment in the retail prices of various fuel products, which will take effect starting today, July 3, 2016, at 1:00 PM. This adjustment excludes jet fuel and is driven by the recent increase in fuel prices on the global market. The revised retail prices for fuel products in Addis Ababa are as follows: Gasoline: Birr 82.60 per liter White Diesel: Birr 83.74 per liter Kerosene: Birr 83.74 per liter Airplane Fuel: Birr 70.83 per liter Light Black Diesel: Birr 65.48 per liter Heavy Black Diesel: Birr 64.22 per liter The Ministry emphasized that the adjustments are necessary to align with the rising costs of fuel on the world market. This price change is expected to impact various sectors, including transportation and logistics, which heavily depend on fuel. Businesses and consumers in Addis Ababa should prepare for the financial implications of these new rates, which could influence the cost of goods and services across the board. The Ministry advises all stakeholders to adjust their budgets accordingly and remain informed about potential future changes in fuel pricing. For further information and updates on fuel pricing, please visit the Ministry of Trade and Regional Affairs website or contact their office directly. Contact:Ministry of Trade and Regional AffairsWebsite: www.mot.gov.etPhone: +251-11-123-4567 1 COMMENT Hundera Abdisa Segni July 20, 2024 At 7:52 am Plse notify me new update Plse notify me new update Comments are closed.