Making Sense of Ethiopia Admission to ‘BRICS plus’

Making Sense of Ethiopia Admission to ‘BRICS plus’ By Eyob AsfawOn 24 August 2023, the news of Ethiopia, along with Argentina, Egypt, UAE, KSA and  Iran ,  admitting to  the ‘BRICS plus’ went viral as of 24 August 2023.   To our dismay, the news is overshadowed by the ongoing security crackdown in the Amhara region and politicians from any sides unable neither to praise nor to curse it rather stayed indifferent.  In spite of the existing conflict status quo, the news is worthy to be a  good news per se. Notably,  to be admitted out of the 23 applicants from which great power such as France also enlisted to be pended until now.  In appraisal of the recent summit, it hosted entirely 70 country delegation comprised from members, prospective members and non-members. This piece will spotlight on the prospect of BRICS Plus and how we can make sense of Ethiopia admission to the group. When she was asked about the prospect of BRICS plus,  Kori Shaki – fellow at American Enterprise Institute, bragged in defense for the west where the BRICS couldn’t probably neither a third block in its race for power rivalry over the international arena. Rather, she commented that ‘I am sympathetic for fellow countries to be manipulated by the China in their race against the west’. Moreover, they mock that the BRICS without china would be ‘bris’ stressing the presence of China made the group to weigh above any country else. Hilariously, some teased as BRICS plus membership paves the way for ‘Petroyuan’ instead of the Petrodollar dictatorship emerged since 1970’s.  Notwithstanding Kori’s belittling comment, as it stands before admitting BRICS plus, the group comprises  42 % of the world population,   23 % of world GDP and 18 % of the world trade.  The world statistics publicized the GDP composition of each BRIKS country in its twitter hundle as follows:  Brazil : $2.08 trillion , Russia:  $2.06 trillion, India: $3.74 trillion , China: $19.37 trillion, South Africa:  $399 billion. In the calculus of the BRICS plus, countries who will join BRICS starting from January 1st, 2024 comprised GDP as follows: Argentina $641 billion , Egypt $387 billion, Ethiopia: $156 billion, Iran: $367 billion, Saudi Arabia: $1.06 trillion and  UAE: $499 billion. In sum, the GDP of the entire 11 countries of BRICS plus will comprise: $30.76 trillion (30% of the global economy). In comparison, one can note that elevating the group  from BRICS to BRICS plus, one can see that there 7 % increment in their share of global GDP. In resonance, in his congratulatory short videotaped message, Abiy Ahmed primarily felt gratitude for China before the rest of the groups. In fact, he characterized the moment of BRICS admission is a testament to the rest of the world fairly understand us other than anybody else. Irrespective of the political tone of his opinion, his remark runs erroneous. Infact, an excerpt from his speech at the summit expounds that: “A reformed multilateralism entails inclusivity, cooperation and diversity of voices and interests. By amplifying voices from various corners of the globe, we can collaboratively work for an equitable and peaceful world.”What is the comparative advantage of joining ‘BRICS plus’?Alternative financing scheme for development: Undoubtedly, joining the BRICS plus can help Ethiopia to tap the BRICS’s ‘New Development Bank’. The bank was established as a counter rival to the world bank as alternative sources of financing development. Headquartered in Shangai, the bank was established in 2015 with approved 32 Billion Dollar ever since. The number is promisingly significant in comparison to the World Bank’s 132 billion dollar approved in 2022 alone. A month ago, we reminisces  Minister Beleta Moll’s twitter thread which publicized as “The BRICS New Development Bank has agreed to finance some of Rosatom’s energy projects, the company’s CEO has revealed Russia &a Ethiopia have signed a roadmap on nuclear energy cooperation, the head of Russian atomic energy major Rosatom, Aleksey Likhachev’. Alternative climate financing: In its formative ages, the BRICS grouping considered hunger and poverty eradication for financing the development endeavors each countries. Now the financing can be scalable to other components of sustainable development goals per se. An update from ISS today remarked that ‘As the world reels from climate disasters, with little progress on climate change multilateral negotiations; it’s time for new alliances to accelerate responses and investments, reduce our climate risk and increase human security’.Multilateralism and thrive of the global south: the UN Secretary General- António Guterres shared in his tweet that: “I have come to the BRICS Summit with a simple message: in a fracturing world overwhelmed by crises, there is simply no alternative to cooperation. As we move towards a multipolar world, we must urgently restore trust & reinvigorate multilateralism for the 21st century.” His remark resonates with multilateralism for which lamented these days as he also stressed it in his recent ‘new agenda for peace policy brief’. Undoubtedly, the admission to the BRCIS is one step to play score in the diplomatic and economic dice played within an age of multi-polar world. Conclusively, notwithstanding its quest for peace in the days to come, Ethiopia’s admission to ‘BRICS plus’ will yet to be tested in the years to come whether it yields fruition as it is celebrated now.

Kacha Digital Financial Service S.C Receives Approval from National Bank of Ethiopia to Commence Commercial Operations

Kacha Digital Financial Service S.C Receives Approval from National Bank of Ethiopia to Commence Commercial Operations Addis Ababa, August 12, 2023Q Kacha Digital Financial Service S.C., the pioneer private payment instrument issuer, proudly announces its official approval from the National Bank of Ethiopia (NBE) to launch full-scale commercial operations. This historic milestone solidifies Kacha’s position as the first privately licensed payment instrument issuer in the country. Having secured its piloting license from the National Bank of Ethiopia in June 2022, Kacha embarked on an intensive period of testing and refining its innovative mobile money and other financial services over the USSD code *677#, android & IOS applications. Over the past few months, Kacha successfully completed a seamless integration with EthSwitch, the national switch, as well as major banks and mobile money service providers. This achievement marks a crucial step towards enhancing accessibility, interoperability, and efficiency within the Ethiopian financial ecosystem. The meticulously executed pilot phase not only demonstrated the reliability and efficacy of Kacha’s offerings but also showcased the company’s unwavering commitment to compliance, security, and customer satisfaction. With a customer-centric approach, Kacha’s mobile money and other financial services are set to revolutionize financial transactions for individuals and businesses across Ethiopia. “We are thrilled to have received the approval from the National Bank of Ethiopia to commence our commercial operations,” stated Abreham Tilahun, Chief Executive Officer of Kacha Digital Financial Service S.C. “This achievement underscores our dedication to advancing financial inclusion, modernizing payment systems, and driving economic growth in Ethiopia.” The official approval to commence commercial operations was conveyed through a letter from the Payment and Settlement Systems Directorate of National Bank of Ethiopia, bearing the reference number FIS/PSSD/333/2023. Kacha Digital Financial Service S.C. is poised to redefine the landscape of digital financial services in Ethiopia, with an unwavering commitment to innovation, security, and convenience. Kacha Digital Financial Service S.C extends its heartfelt gratitude to the National Bank of Ethiopia, EthSwitch, partner banks, both telecom operators, and all stakeholders who have contributed to this remarkable accomplishment. Kacha looks forward to a future marked by growth, innovation, and a lasting positive impact on the financial landscape of Ethiopia. For media inquiries, please contact: Yigermal Meshesha, Marketing & Business Development Manager Kacha Digital Financial Service S.C Email: yigermal.m@kachadfs.com Phone: +251 910 57 44 63 About Kacha Digital Financial Service S.C: Kacha Digital Financial Service S.C is the first private payment instrument issuer licensed by the National Bank of Ethiopia, registered as NPS/PII/002/2022. With a focus on innovation, accessibility, and security, Kacha aims to transform the way individuals and businesses engage with financial services in Ethiopia. Through its mobile money and other financial service offerings, Kacha is committed to driving financial inclusion and catalyzing economic progress. Note: for additional information & to get the logo please visit our LinkedIn page or website www.kacha.et Tags kacha Mobile Money

Ethiopian Airlines to Resume Domestic Flights to Bahir Dar and Gondar

Ethiopian Airlines to Resume Domestic Flights to Bahir Dar and Gondar Ethiopian Airlines announced today that it will resume its temporarily suspended domestic regular flights to Bahir Dar, the capital of Amhara regional state, and to the historic city of Gondar, as of tomorrow, August 10. The airline also said it will resume accommodating customers at its ticket sales offices. The decision to resume flights comes after Ethiopian Airlines canceled its domestic flights to the conflict-hit Amhara regional state on Wednesday, Thursday, and Friday. The cancellations affected flights to the cities of Dessie, Kombolcha, Gondar, Lalibela, and Bahir Dar. Ethiopian Airlines said the decision to resume flights was made after a careful assessment of the security situation in Amhara regional state. The airline said it will continue to monitor the situation and may adjust its flight schedule if necessary. Tags Dessie ethiopian airlines gondar kombolcha

Ethiopian Airlines to Take Delivery of 8 New Aircraft

Ethiopian Airlines to Take Delivery of 8 New Aircraft Ethiopian Airlines has announced that it will take delivery of 8 new aircraft in a few months. The aircraft are part of a larger order of 26 new planes that the airline is negotiating to purchase. The CEO of Ethiopian Airlines Group, Mr. Mesen, said that the airline is also in talks with Boeing and Airbus about importing more planes. He stated that the rest of the passenger planes will arrive at a later date. In addition to the new aircraft, Ethiopian Airlines is also planning to add 6 new flight destinations in the coming months. These destinations include Madrid, London-Gatwick, Amsterdam, Hanoi, and Bangui. The airline is working to increase its revenue by 22% in the current fiscal year. In order to achieve this goal, Ethiopian Airlines is expanding its fleet, adding new flight destinations, and improving customer service. The airline currently has 145 aircraft and serves 134 international and 22 domestic destinations. Here are some additional details from the article: The new aircraft are a mix of Boeing and Airbus planes. The airline is targeting European and African countries for the new flight destinations. Ethiopian Airlines is working to improve its infrastructure and customer service in order to increase revenue. Tags ethiopian airlines ethiopian news

Regus Launches offeNew Flexible Workspace Solution for Entrepreneurs and Businesses

Regus Launches offeNew Flexible Workspace Solution for Entrepreneurs and Businesses Addis Ababa, Ethiopia – August 03, 2023– Regus, the world’s leading provider of flexible workspace solutions, is thrilled to announce the launch of its new workspace solution designed specifically for entrepreneurs and businesses. This innovative solution aims to provide flexible and convenient working spaces, enabling businesses and entrepreneurs to work in a professional environment without the need for a permanent office space. Regus offers a wide range of workspace solutions, including serviced offices, coworking spaces, virtual offices, and meeting rooms, to cater to diverse business needs. With an extensive network of over 4,000 locations across 120 countries, Regus ensures that businesses can easily find and access workspace solutions wherever they may be. Freelancers, entrepreneurs, and remote workers can take advantage of Regus’ amenities and services, providing the option to use the co-working space on a part-time or full-time basis. Additionally, Regus offers professional administrative support services, including mail handling and call answering, further enhancing the overall workspace experience. Regus stands out with its range of unique features and amenities, ensuring a premium workspace experience. These include high-speed internet, state-of-the-art meeting rooms, virtual offices, comfortable lounge areas, and round-the-clock access to its facilities. Moreover, Regus goes the extra mile by providing professional administrative support services. Regus offers a diverse array of workspace solutions to meet a wide range of business needs. This includes meticulously designed serviced offices, vibrant coworking spaces that foster collaboration, flexible virtual offices tailored for remote work, and well-equipped meeting rooms for productive gatherings. Choosing Regus opens doors to valuable business networking opportunities. Being surrounded by like-minded professionals and companies facilitates connections, fostering potential partnerships and collaborations that can fuel growth and success. Additionally, Regus understands that businesses have varying needs and budgets. To accommodate this, they offer a range of flexible membership plans tailored to meet specific requirements. From part-time access to full-time dedicated spaces, businesses can choose the plan that aligns perfectly with their operations and financial goals. “We are creating a dynamic network of spaces that adapt to the ever-changing needs of today’s businesses and entrepreneurs,” said Mark Dixon, Founder and CEO of IWG. “Our goal is to provide flexible workspace solutions that enable businesses to work more productively and efficiently.” The new workspace solution is designed to provide businesses with the flexibility and convenience they demand. Regus’ offerings boast features such as high-speed internet, state-of-the-art meeting rooms, virtual offices, comfortable lounge areas, and flexible-hour access to its facilities. As the global leader in flexible workspace solutions, Regus has long been committed to empowering businesses with the freedom and flexibility they need to thrive. The launch of this new workspace solution for entrepreneurs and businesses in Ethiopia further solidifies Regus’ dedication to providing tailored and convenient workspace options that align with the evolving needs of modern professionals. By offering a wide range of services, fostering business networking opportunities, and leveraging its extensive global network, Regus continues to be the go-to choose for those seeking flexible, productive, and inspiring workspaces.” For more information about Regus’ new workspace solution for entrepreneurs and businesses, please visit www.regus.com (http://www.regus.com/). Tags ethiopia ethiopian news

Federal High Court Lifts Ban on 21 EFFORT-Managed Organizations

Federal High Court Lifts Ban on 21 EFFORT-Managed Organizations The Federal High Court has lifted the ban on 21 organizations under the Tigray Rehabilitation Endowment Fund (EFFORT). The court also ordered that the responsibility of Commercial Nominees Limited Liability Company, which has been temporarily managing the companies, be revoked. The decision was made on July 28, 2023, at a hearing held by the 1st Schedule Criminal Court. The court ruled that there was no “sufficient, convincing, and legal reason” for the ban to remain in place. EFFORT was founded in 1994 with the aim of reforming the economy of the Tigray region, which was affected by war and drought. The organization manages a number of companies in the construction, textile, agriculture, mining, and transportation sectors. The ban on EFFORT-managed organizations was imposed in November 2021, two weeks after the outbreak of the war in northern Ethiopia. The Federal Attorney General at the time said that the companies were suspected of “financially supporting terrorism.” In September 2022, the Federal Attorney General asked the Federal High Court to remove the board members of EFFORT and appoint a new management team. The court granted the request, and Commercial Nominees were appointed to manage the companies. However, Sur Construction, the largest company managed by EFFORT, filed a lawsuit in March 2023 asking the court to remove Commercial Nominees from its management role. The company argued that Commercial Nominees was not managing the assets of the companies properly. The Federal High Court agreed with Sur Construction and ordered Commercial Nominees to be removed from its management role. The court also ordered the assets of the companies to be returned to their “legal representatives.” The decision by the Federal High Court is a major victory for EFFORT and its affiliates. The lifting of the ban will allow the companies to resume their operations and contribute to the economic development of the Tigray region. Tags ethiopia ethiopia news ethiopia news today ethiopian news

ICJ and Kazana Group Launch 3rd Round of Open Pitch Competition for Ethiopian Startups

ICJ and Kazana Group Launch 3rd Round of Open Pitch Competition for Ethiopian Startups Inclusion Japan (ICJ), a Tokyo-based venture capital firm, and Kazana Group, an Ethiopian-based holding company, have announced the launch of their third round of open pitch competition for startups in Ethiopia. The competition, which will be hosted at the ALX Tech Hub on August 15, 2023, provides local entrepreneurs with a chance to secure funding and future investment opportunities. As part of this initiative, ICJ and Kazana Group will offer a cash prize of 100,000 Birr to the winning company. Additionally, the winning startup will have the potential to receive up to $500,000 in future investments from ICJ. To participate in the competition, startups must submit a 10-minute pitch video showcasing their ideas and business model by August 7, 2023. The pitch video should include the following elements: Problem Solution Business Model Market Competitors, Competitive Advantage Business Plan Team ICJ will select six eligible companies to participate in the pitch competition. Selected teams will have the opportunity to interact with senior executives from ICJ and Kazana Group. ALX, a leading technology training provider in Ethiopia, is partnering with ICJ and Kazana Group to host the event. ALX aims to equip young African professionals with in-demand technology and professional skills to excel in the digital economy. “We at Kazana Group are always excited to work with ICJ and the team; we’re both after the same endgame, which is the development of the startup ecosystem in Ethiopia and Africa. We would like to thank ALX and the team for hosting our event this year,” said Addis Alemayehou, Group CEO of Kazana Group. ICJ has already demonstrated its commitment to Ethiopia’s startup scene by investing a total of $3 million in Ethiopian start-ups, including successful ventures like Gebeya and Goodayon. “Since our first visit to Ethiopia in August 2022, ICJ has remained true to our promise to visit Ethiopia every three months and provide investment opportunities in startups. Dodai, an electric two-wheeler company in which we have invested in Ethiopia, was featured in the Nihon Keizai Shimbun, Japan’s largest economic newspaper, and investors other than ICJ in Japan are now paying a great deal of attention to Ethiopia,” said Yasuhiro Yoshizawa, founder, and chief investment officer of ICJ, in a statement to Shega. Yasuhiro added that besides participating companies, talented young people should witness this event and come up with new business ideas for the next round and beyond. For those interested in witnessing the pitch competition, ALX is offering spectatorship opportunities through a lottery system. Those eager to attend the event must apply by August 10th using the following link: https://www.surveymonkey.com/r/B85PR7R Tags ICJ Inclusion Japan kazana group

Laureate Dr. Melaku Worede, Pioneer of Biodiversity Conservation, Passes Away

Laureate Dr. Melaku Worede, Pioneer of Biodiversity Conservation, Passes Away The Ethiopian Biodiversity Institute (EBI) announced today the passing of Dr. Melaku Worede, the institute’s founder and former chief. Dr. Worede was a world-renowned biodiversity researcher who made significant contributions to the establishment of indigenous crops and plants seed banks and biodiversity conservation centers in Ethiopia and other countries. Dr. Worede was born in Ethiopia in 1936. He studied biology at Addis Ababa University and then went on to earn a PhD in plant ecology from the University of California, Berkeley. After completing his PhD, Dr. Worede returned to Ethiopia and founded the EBI in 1980. Under Dr. Worede’s leadership, the EBI became a leading institution for biodiversity research and conservation in Ethiopia. The institute established a number of seed banks and conservation centers, and it played a key role in the development of Ethiopia’s national biodiversity strategy and action plan. Dr. Worede was also a strong advocate for the rights of indigenous peoples. He believed that indigenous peoples have a vital role to play in biodiversity conservation, and he worked to ensure that their voices were heard in the development of conservation policies. Dr. Worede’s work has had a profound impact on the conservation of biodiversity in Ethiopia and around the world. He was a true pioneer in the field of biodiversity research, and his legacy will continue to inspire generations of scientists and conservationists. Dr. Worede is survived by his wife, three children, and four grandchildren. A memorial service will be held in Addis Ababa on August 5th. In Memoriam Dr. Melaku Worede was a brilliant scientist, a dedicated conservationist, and a passionate advocate for indigenous peoples. His work has had a lasting impact on the conservation of biodiversity in Ethiopia and around the world. He will be deeply missed by his family, friends, and colleagues. In memoriam, the EBI has established the Dr. Melaku Worede Memorial Fund to support the institute’s work in biodiversity research and conservation. Donations to the fund can be made online at www.ebi.et. Additional Information Dr. Worede was awarded the Right Livelihood Award in 1989 “for preserving Ethiopia’s genetic wealth by building one of the finest seed conservation centres in the world.” He is the author of several books and articles on biodiversity conservation, including “Seeds of Survival: The Triumph of the Ethiopian Seed Bank” (1999) and “The Race to Save Africa’s Seed” (2005). He was a member of the board of directors of several international organizations, including the International Plant Genetic Resources Institute (IPGRI) and the Rural Advancement Foundation International (RAFI). He was a tireless advocate for the rights of indigenous peoples, and he worked to ensure that their voices were heard in the development of conservation policies. Dr. Worede’s work has had a profound impact on the conservation of biodiversity in Ethiopia and around the world. He was a true pioneer in the field of biodiversity research, and his legacy will continue to inspire generations of scientists and conservationists. Tags melaku worede

World Bank President to Visit Ethiopia

World Bank President to Visit Ethiopia Ajay Banga, the new president of the World Bank, will pay an official visit to Ethiopia from July 31 to August 1. During his visit, Banga is scheduled to meet with Prime Minister Abiy Ahmed, Finance Minister Ahmed Shide, and National Bank Governor Mamo Mehretu. He will also meet with African Union Commission Chairman Musa Faki Mahamat to discuss ways to strengthen partnership and cooperation between the World Bank and the African Union. A key focus of Banga’s visit will be to identify opportunities to create jobs for women and youth in Ethiopia. He is also expected to hold discussions with executives and business leaders in an effort to increase private sector investment in the country. Banga was elected as the president of the World Bank in April 2023. He previously served as the CEO of Mastercard for 11 years. Here are some additional details about Banga’s visit: He will be accompanied by a delegation of World Bank officials. He will visit a number of development projects in Ethiopia, including textile and shoe manufacturing facilities, malt production operations, and women’s small businesses. He will deliver a speech at the Ethiopian Development Institute. Banga’s visit is seen as an important opportunity to strengthen relations between the World Bank and Ethiopia. Tags abiy ahmed addis ababa ethiopia ethiopia news ethiopia news today ethiopian news