African Development Bank Withdraws International Staff from Ethiopia Amid Security Concerns

African Development Bank Withdraws International Staff from Ethiopia Amid Security Concerns Date: December 19, 2023 The African Development Bank (AfDB) has announced the immediate withdrawal of all its international staff from Ethiopia, citing severe security incidents and breach of diplomatic protocol. In an internal memorandum dated December 19, 2023, Dr. Akinwumi A. Adesina, President of the AfDB, expressed deep concern over the recent unlawful arrest and physical assault of two Addis Ababa-based staff members. The incident, which occurred on October 31, 2023, involved the detention of the bank’s personnel for several hours without charge, representing a “gross violation of their personal diplomatic immunities, rights, and privileges,” according to the memorandum. The Bank has ensured that the office in Ethiopia will remain operational, managed by an Officer-in-Charge, and national staff will continue their duties under full employment. However, the Bank has made it clear that it expects the Ethiopian government to uphold the rights of its staff as per the Host Country Agreement. Dr. Adesina’s statement included details of a high-level delegation sent to engage with Ethiopian authorities and a formal communication with the Ethiopian government requesting a comprehensive investigation. However, dissatisfaction with the progress was evident as the situation “does not provide full confidence that all our employees feel safe and secure to carry out their duties.” The AfDB’s Board of Directors has been fully briefed on the incident, and the Bank is committed to ensuring the safety and security of its staff. Management will keep the staff informed of any further developments. The Ethiopian government has yet to respond publicly to these developments or the AfDB’s requests for a transparent investigation into the incident. Tags africa development bank

Fitch Downgrades Ethiopia to “C”: Missed Bond Payment Triggers Default Warning

Fitch Downgrades Ethiopia to “C”: Missed Bond Payment Triggers Default Warning Fitch Ratings agency dealt a harsh blow to Ethiopia’s already troubled economy on Thursday, downgrading its credit rating further into junk territory and warning of a heightened risk of default. This comes as the East African nation grapples with the fallout of a devastating civil war and struggles to meet its financial obligations. The trigger for the downgrade? Ethiopia’s recent missed $1 billion Eurobond payment. Unable to cough up the cash, the country officially declared its inability to meet its debt commitments. As a result, Fitch slashed its rating from “CC” to “C,” the lowest possible level before outright default. The agency’s pessimism doesn’t stop there. If Ethiopia fails to settle the missed payment within a 14-day grace period, it faces another downgrade, this time to “RD,” signifying restricted default. Ethiopia’s economic woes run deep. Inflation soars, hard currency is scarce, and external debt repayments loom large, all while the scars of the two-year Tigray conflict remain fresh. Despite a truce signed over a year ago, the country is far from healing. Seeking relief, Ethiopia appealed to the G20’s Common Framework, a debt restructuring initiative, back in 2021. However, progress was initially stalled by the ongoing war. Now, with official creditors agreeing to a temporary debt service suspension, there’s a glimmer of hope. However, private creditors remain a wildcard. Fitch warns that any debt relief offered by official creditors might prompt private lenders to demand similar concessions, potentially jeopardizing the fragile progress. Adding to the anxiety, talks with a group of bondholders recently broke down, forcing the government to hold a separate call for investors in the maturing Eurobond. Meanwhile, negotiations with the IMF for a much-needed $2 billion loan program remain ongoing, with no deal yet in sight. Ethiopia’s economic future hangs precariously in the balance. The missed bond payment is a stark reminder of the dire situation, and Fitch’s downgrade serves as a stark warning. With limited options and a looming deadline, the coming weeks will be critical for the country’s financial stability. Key Points: Fitch downgrades Ethiopia’s credit rating to “C”, citing missed Eurobond payment and increased default risk. Economy struggles with inflation, hard currency shortage, and external debt. Debt relief efforts underway, but private creditors remain a challenge. Talks with IMF for loan program ongoing, but no deal yet reached. Ethiopia’s financial future uncertain, with potential default looming.

Unleash the Power of Infinix HOT 40: Elevate Your Mobile Experience!

Unleash the Power of Infinix HOT 40: Elevate Your Mobile Experience! Are you looking for a new smartphone that can handle your gaming needs and more? If so, you might want to check out the infinix HOT 40, the latest and greatest device from infinix. This phone is packed with amazing features that will blow your mind and make your gaming experience smoother than ever. Let me tell you why. The infinix HOT 40 is powered by the Helio G99 chipset, which uses a 6nm process to pack more transistors and deliver ultra-efficient performance and reduced power consumption. This means you can play your favorite games for longer without worrying about overheating or draining your battery. Speaking of battery, the Infinix HOT 40 has a massive 5000mAh battery that can last for days on a single charge, thanks to the exclusive Power Marathon solution that optimizes power usage and extends standby time. And if you ever need to top up, you can use the 33W FastCharge technology that can fully charge your phone in no time, while ensuring user safety and temperature monitoring. But what good is a powerful phone without a stunning display? The Infinix HOT 40 has a gorgeous 6.9-inch FHD+ screen that supports a 1200Hz instantaneous touch sampling rate, which is 8 times more precise than standard screens. This means you can enjoy lightning-fast gaming with instant feedback and accurate touch detection. Plus, the screen has a high refresh rate of 90Hz, which makes everything look smoother and more fluid. Whether you’re playing action-packed games or watching videos, you’ll love the vivid colors and sharp details on the infinix HOT 40. Of course, gaming is not the only thing you can do with the Infinix HOT 40. You can also take amazing photos and videos with the 108MP triple AI camera, which includes the HM6 sensor that captures details with 0.64-micron pixels. You can zoom in, crop, or edit your pictures without losing quality, and create stunning masterpieces with ease. The camera also has a wide-angle lens, a macro lens, and a depth sensor to give you more options and versatility. And don’t forget about the selfie camera, which has a 32MP resolution and AI beautification features to make you look flawless. The Infinix HOT 40 also has some other cool features that make it stand out from the crowd. For example, it has a metamaterial antenna that covers a three times larger area and enhances signal efficiency and reliability. You’ll never have to worry about losing connection or dropping calls with the Infinix HOT 40. It also has a gyroscope sensor that improves 3D spatial detection and calibration, which enables precise hand tracking and motion control in games. You can also access a tactical panel by swiping left during gameplay, which offers one-click optimization and enhanced stability for your games. And last but not least, the Infinix HOT 40 has a stunning design that features a sparkling layer of crystals on a starry texture, which changes color with the angle of light. It’s a phone that looks as good as it performs. So what are you waiting for? The infinix HOT 40 is the ultimate smartphone for gamers and anyone who wants a powerful device with amazing features. Don’t miss this opportunity to get your hands on one of the best phones on the market. Elevate your mobile experience with the Infinix HOT 40 – where cutting-edge technology meets exquisite design. Stay ahead, stay powerful.

itel Announces its Rebranding Initiative: Redefining Smart Life Service in Emerging Markets Including Ethiopia

itel Announces its Rebranding Initiative: Redefining Smart Life Service in Emerging Markets Including Ethiopia Addis Ababa, Ethiopia December 5, 2023 – itel, the global leading smart life brand committed to providing quality consumer electronic products, is thrilled to announce a monumental shift in its rebranding logo and brand identity, and rewriting the playbook on which it means to live the smart life. As part of its commitment to cater to the technological needs of underserved markets and enhance the quality of life of consumers in emerging economies, itel has undergone a remarkable rebranding initiative. This evolution marks a significant turning point in the brand’s history, introducing a fresh, modern outlook while staying true to its core mission. Founded 16 years ago, itel has remained steadfast in its commitment to understanding the unique needs of users and using technological advancements to provide smart life technology products. Evolving from a mobile phone brand into a comprehensive “smart life” brand, itel has given rise to a diverse brand ecosystem that caters to various consumer needs. Now, itel is offering a diverse range of products that includes smartphones, accessories, personal care products and home appliances, aiming to provide eco-system service help customers in emerging markets engage a better life. “Innovation is not about changing for the sake of change. It’s about evolving to meet the ever-evolving needs of our consumers. the rebranding is a testament to our unwavering commitment to providing accessible and innovative smart technology that empowers individuals and communities in emerging markets. We remain dedicated to our original purpose of ‘Enjoy Better Life’, and this transformation is a bold step forward in that journey,” said Mr. Eamon Jia, Brand Manager of itel Mobile Ethiopia. Today, itel continues to hold its prominent position in the industry, including being ranked as the Global No.1 in the feature phone category and the Global No.1 smartphone brand under $75, according to IDC sales data in 2023Q2. Itel’s commitment extends beyond the visual transformation. The company is investing in local initiatives, partnerships, and customer-centric strategies to create a meaningful impact within the community it operates. This rebranding marks a pivotal moment in itel’s journey as it looks forward to deepening its roots in the market. Over the years, itel has cemented its position as a trailblazer in the mobile phone industry, continuously pushing the boundaries of innovation and providing feature-rich smartphones at unbeatable prices. The brand’s commitment to delivering superior products and services has earned it a strong and loyal customer base, making it a dominant force in the global market. Tags itel

Awash Bank Records a 9.8 Billion Birr Profit in a Challenging Year

Awash Bank Records a 9.8 Billion Birr Profit in a Challenging Year In a challenging global economic environment marked by the ongoing impact of the Russia-Ukraine war and the aftermath of the COVID-19 pandemic, Ethiopia’s Awash Bank has reported a significant rise in profits for the financial year 2022/23. The announcement was made during the bank’s 28th annual general meeting, hosted at the Skylight Hotel on November 25, 2023. Despite a backdrop of international economic uncertainty and domestic challenges, including rising inflation and security concerns, Awash Bank has managed to not only navigate but also capitalize on these conditions. According to Gure Kumsa, Chairman of the Board of Directors, the bank’s strategic adherence to its ten-year roadmap and effective crisis management played a key role in its robust financial performance. The bank’s financial results indicate a notable growth trajectory. It recorded a 23% increase in deposits from the previous year, adding up to 35.4 billion Birr, pushing the total deposits to a record high of 187.4 billion Birr. In the realm of foreign exchange, the bank earned 1.49 billion USD, marking an increase of 250 million USD over the previous year. The bank’s loan portfolio also saw significant growth, with 40.9 billion Birr disbursed across various sectors of the economy, representing a 22.3% increase. This brought the total amount of loans issued to 161 billion Birr. The bank’s total assets reached 224 billion Birr, and its paid-up capital saw a substantial increase of 42%, from 10.2 billion Birr to 14.6 billion Birr as of June 30, 2023. Notably, Awash Bank’s profit for the fiscal year was reported at 9.8 billion Birr, a 31% increase from the previous year. This figure sets a new high in the history of private banking in Ethiopia. In addition to its financial achievements, Awash Bank has maintained a focus on social responsibility and development initiatives. The bank supported entrepreneurial efforts through cash awards in the Afan Oromo Gehalewan project competition and made significant donations to various charities. It also continued its expansion efforts, notably with the construction of new buildings in several Ethiopian cities to reduce rental costs and contribute to urban development. The completion of the Bale Robe building and ongoing construction in other cities underlines the bank’s commitment to expanding its physical footprint. As of June 30, 2023, Awash Bank has grown its network to over 875 branches nationwide, significantly up from its original five branches, and employs more than 20,000 staff members, marking substantial growth since its inception 29 years ago. Awash Bank’s performance in the last financial year reflects its resilience and adaptability in the face of a complex economic landscape, solidifying its position as a leading player in Ethiopia’s banking sector. Tags Awash Bank ethiopia's bank

Elevating Ethiopian Flavors: Marcus Samuelsson Set to Open Marcus Addis on Addis Ababa’s Skyline

Elevating Ethiopian Flavors: Marcus Samuelsson Set to Open Marcus Addis on Addis Ababa’s Skyline Chef Marcus Samuelsson, an eminent figure in the culinary world, renowned for his unique blend of multicultural influences, is poised to unveil his latest gastronomic venture, Marcus Addis. This new restaurant is strategically located on the 46th floor of the Commercial Bank of Ethiopia building in Addis Ababa, with a grand opening scheduled for December 20. In anticipation, a preliminary soft opening is set for today, November 19. Samuelsson’s culinary journey is a fusion of his Ethiopian and Swedish heritage. He first rose to prominence as the executive chef of Aquavit in New York City, where he was distinguished by earning a prestigious three-star review from The New York Times, a recognition made all the more significant as he became the youngest chef to achieve this feat. His gastronomic empire spans multiple continents and includes a variety of acclaimed establishments. Notable among these are Red Rooster, located in Harlem and Overtown, Hav & Mar in Chelsea, and a series of MARCUS restaurants in several international locations. Samuelsson’s accolades extend beyond the kitchen; he has catered for high-profile events, including the inaugural State dinner for the Obama Administration. He also holds multiple James Beard Foundation awards and is a familiar face on culinary shows across networks like Peacock and PBS. Marcus Addis stands as a testament to Samuelsson’s passion for culinary diversity and innovation. The restaurant’s design, perched on the 46th floor, reflects a modern and stylish aesthetic while embracing the vibrant essence of Ethiopia. The decor features an array of carefully selected artworks, immersing guests in a uniquely Ethiopian ambiance. In a conversation with Capital, Samuelsson expressed his enthusiasm for introducing the Addis Ababa populace to his signature blend of international and Ethiopian culinary delights. The menu at Marcus Addis is a sophisticated blend of global inspirations, offering an array of small plates and elaborate feasts, each dish a celebration of culinary finesse and cultural synthesis. For Samuelsson, the opening of Marcus Addis in Addis Ababa is a venture of personal and cultural significance. While he was not born in the city, it holds deep familial connections for him, making this endeavor a poignant homecoming. Additionally, the restaurant’s location in a landmark architectural project in East Africa adds to its allure, along with the opportunity it presents for Samuelsson to mentor young professionals and students in the culinary arts. Samuelsson’s approach to Ethiopian cuisine is respectful yet innovative. He aims to honor its rich traditions while infusing them with his unique culinary perspective. This approach reflects in Marcus Addis, where traditional Ethiopian elements like injera and berbere are integral to the menu, blended seamlessly with Samuelsson’s innovative culinary techniques. This fusion results in a dining experience that is both rooted in Ethiopian culture and reflective of Samuelsson’s distinct culinary philosophy.

Ethiopian Airlines Boosts Fleet with Additional 11 Airbus A350s, Strengthening Its Market Dominance

Ethiopian Airlines Boosts Fleet with Additional 11 Airbus A350s, Strengthening Its Market Dominance Dubai, November 15, 2023 – Ethiopian Airlines Group, the leading carrier of Ethiopia, has enhanced its fleet capabilities by signing a memorandum of understanding (MoU) for 11 more Airbus A350-900 aircraft. This agreement, announced at the Dubai Airshow, boosts Ethiopian Airlines’ total Airbus A350 orders and commitments to 33, including four A350-1000s, solidifying its status as the largest A350 operator in Africa. The fleet currently includes 20 A350-900s, and this new commitment underscores the airline’s focus on expansion and modernization. The MoU was signed in the presence of Ethiopian Airlines Group CEO, Mr. Mesfin Tasew, and Airbus Chief Commercial Officer and Head of International, Christian Scherer. Mr. Mesfin Tasew expressed enthusiasm for the acquisition, highlighting the A350-900’s passenger-friendly features such as the quietest cabin in its class and ambient lighting. He emphasized the airline’s commitment to enhancing passenger experience through state-of-the-art technology and a growing fleet. Christian Scherer of Airbus commended Ethiopian Airlines for effectively utilizing the A350’s capabilities for long-haul travel. He noted the strategic advantage of Ethiopia’s geographic location, offering efficient connections between China and Latin America. Scherer expressed Airbus’s delight in strengthening their relationship with Ethiopian Airlines through this fleet enhancement. The Airbus A350 is celebrated as the most modern and efficient aircraft in the widebody category, ideal for ranges from short-haul to ultra-long-haul up to 9,700nm. Its design features advanced technologies, aerodynamics, and lightweight materials. The latest generation engines offer a 25% advantage in fuel efficiency, operating costs, and CO₂ emissions, along with a 50% reduction in noise compared to previous models. Globally, the A350 has secured over 1,000 orders from leading airlines, marking its significance in the aviation industry. This new commitment from Ethiopian Airlines not only expands its operational capacity but also reinforces its position as a major player in African and global aviation.

Ethiopia Secures Landmark Agreement for Debt Suspension and Eurobond Restructuring

Ethiopia Secures Landmark Agreement for Debt Suspension and Eurobond Restructuring In a significant move to alleviate its economic challenges, Ethiopia has secured an agreement with its bilateral creditors for a temporary suspension of debt services. This development comes as the country prepares to negotiate the restructuring of a $1 billion Eurobond due next year. Facing pressures like double-digit inflation, currency shortages, and increasing debt repayments, Ethiopia’s decision marks a crucial step towards stabilizing its economy, especially after the recent truce in the Tigray conflict. The interim debt-service suspension, achieved amidst talks with the International Monetary Fund (IMF) and under the G20’s Common Framework, is designed to give Ethiopia much-needed financial respite for 2023 and 2024. This arrangement seeks to maximize debt relief during the upcoming IMF program years while preventing a clustering of debt maturities post-program. This move not only addresses Ethiopia’s immediate financial strains but also impacts its capacity to service other external debts, including the Eurobond. China, a key member of Ethiopia’s official creditors committee, has already agreed to suspend debt payments until July 2024. Ethiopia aims for similar concessions from other creditors, a reflection of the country’s proactive approach to managing its debt burden. Initially seeking a debt restructure in early 2021 as part of the G20’s response to COVID-19, Ethiopia’s progress was hindered by its civil war. With over $28 billion in external debt as of March, the country’s financial health is a matter of concern. Since 2006, Chinese lenders have extended more than $14 billion in loans to Ethiopia, underscoring the significant role of external funding in its economy. An international group of bondholders proposed extending the maturity of the 2024 bond to 2029 or 2030, suggesting an amortizing structure to ease the repayment process. This proposal, if accepted, could further aid Ethiopia in managing its debt obligations without overwhelming its financial resources. For Ethiopia, these developments are more than just financial maneuvers. They represent a strategic effort to stabilize its economy, ensuring long-term sustainability and growth. By addressing its immediate debt challenges, Ethiopia is laying the groundwork for a more resilient and prosperous future, a crucial objective for a country emerging from the shadows of conflict and economic hardship. Tags ethiopia ethiopian news

Mohammed Al Amoudi’s Net Worth Surges 62% to $8.5 Billion in 30 Days

Mohammed Al Amoudi’s Net Worth Surges 62% to $8.5 Billion in 30 Days Ethiopian oil tycoon Mohammed Al Amoudi, recognized as one of Africa’s wealthiest individuals, has witnessed a substantial increase in his fortune. In just a month, his net worth skyrocketed by 61.9%, reaching $8.5 billion. This growth, tracked by Bloomberg, began in mid-October 2023 from a baseline of $5.24 billion, culminating in a $3.25 billion boost by November 14, 2023. At 77 years old, Al Amoudi oversees a diverse range of industrial assets across Sweden, Saudi Arabia, and Ethiopia. His portfolio includes significant stakes in Svenska Petroleum Exploration and Preem, Sweden’s largest oil refining company. In Ethiopia, he owns Midroc Gold, a leading mining company, and has investments in sectors like hospitality, oil, and agriculture, focusing on coffee and rice production. The notable increase in his net worth is primarily attributed to the strong performance of his industrial holdings, especially his shares in Preem. This company, a key player in the Swedish energy sector, boasts an impressive refining capacity of over 18 million cubic meters of crude oil annually. Al Amoudi’s strategic investment in Preem places him in a favorable position for continued success, with plans underway to divest his stake in the company. Key developments in October revealed that Preem AB, under Al Amoudi’s ownership, plans to reduce crude oil use at its primary refinery starting 2024. This move aligns with a revamp of a production unit and a broader commitment to produce fuels from alternative feedstocks. Despite Al Amoudi’s ongoing review of Preem, which may lead to a sale, these investment strategies remain unaffected. Preem has recently reported its most profitable quarter, particularly in the Supply and refining sector, buoyed by strong international refining margins and favorable market conditions. In line with global efforts to cut emissions, Preem, alongside Shell Plc and Neste Oyj, is set to reduce its reliance on crude oil in refining processes. The company’s Synsat unit at the Lysekil refinery, operational from mid-2024, aims to cut oil usage by up to 40% by using alternative feedstocks like used cooking oil and animal fats. Preem is also moving towards producing sustainable aviation fuel instead of renewable diesel. Beyond Preem, Al Amoudi’s investments in Ethiopia include significant gold assets like Midroc Gold and the undeveloped Okote Gold Mine. His engagement in the oil sector dates back to the 1990s with Corral Petroleum, leading to acquisitions in Swedish energy firms and control over Morocco’s largest oil refineries. Tags al amoudi