Ethio telecom recieved approval to launch micro-credit service

Ethio telecom recieved approval to launch micro-credit service Ethio telecom’s Telebirr received a green light from the National Bank of Ethiopia to launch micro credit and saving services. Governor of the National Bank, Yinager Dessie (PhD), stated that the provision of these services through Telebirr would financially benefit a large number of Ethiopians. The National Bank’s decision was also given as part of the ongoing reforms to strengthen the Ethiopian digital economy. Telebirr, a digital cash that enables more than 18 million of its users to access financial services, has close to Birr 10 billion transaction value. Among other services rendered by the digital cash, users are allowed to transfer money locally and make purchases online and at convenient stores. It is expected that the introduction of micro credit and saving services will expand the reach of Telebirr.

Beu Delivery Surpass Deliver Addis & Raised Multi-Million Dollar Seed Funding

Beu Delivery Surpass Deliver Addis & Raised Multi-Million Dollar Seed Funding A Chinese overseas company focused on the African food delivery market, has completed a multi-million dollar seed round of financing, led by Y Combinator, Goodwater Capital and Ethiopian angel investor Addis Alemayehou. Chapter 42 has served as a financial advisor. The newly raised funds in this round will be used for market expansion and technology development: Xiaoman Technology plans to expand its business to Tanzania and Uganda this year; the company will further improve the existing ordering and distribution system and optimize the management system. It is reported that before this round of financing, Xiaoman Technology has raised 7 million yuan. In January 2022, Xiaoman Technology was selected for the Y Combinator 2022 Winter Incubation Project (YC 2022 Winter Batch). The main business of Xiaoman Technology is beU, a localized life service platform for the African market. From June 2021, it will start a takeaway business in Ethiopia. Founder Zheng Hao said that as of December 31, 2021, beU’s market share has reached 56.2%, making it the first in the local market. In February 2022, 8 months after the business started, beU’s market share has surpassed the second (formerly first) Deliver Addis by 20%. Zheng Hao summed up beU’s competitive advantages in three points: First, the market structure advantage of low penetration rate in Africa greatly helped beU to successfully explore in Ethiopia. Second, beU delivers faster than competitors such as Zmall, Deliver Addis, and Uber Eats, and typically takes half as long to deliver. Finally, in terms of ordering, in order to facilitate the ordering of meals for users in areas without internet, beU has adopted a variety of ordering channels, including telephone, official website and app, to ensure smooth ordering regardless of whether there is an internet connection or not. Talking about the future development plan, Zheng Hao told 36氪that Xiaoman Technology (beU LTD) plans to start the A round of financing early next year, and plans to raise about 12 million US dollars. In terms of market layout, the company plans to deploy the Uganda and Tanzania markets this year, and enter 10 African countries early next year. At the same time, in terms of business development, beU will start to try supermarkets and drug delivery at the end of this year. In the future, it will also try services such as hotel/homestay reservations, and 30-minute delivery of any product. In the end, beU will become a super service covering a number of O2O services. application. Y Combinator, the lead investor in this round of Xiaoman Technology, said: “Africa is the region with the fastest growth in venture capital in the world. In 2021, Africa will receive US$5.2 billion in venture capital, which is the sum of the past seven years. We are very optimistic that the beU team will take root. The local pioneering spirit also believes that with the large-scale expansion of the Internet economy in Africa in the future, beU delivery will develop better and better.” Tags beu deliver deliver addis

Ermias Amelega Recommendations for what ails the economy

Ermias Amelega Recommendations for what ails the economy Recommendations for what ails the economy: The road to stainable economic recovery and growth starts with a large (US$4-6 billion) non-debt foreign currency infusion to reboot the economy and anchor the liberalization of the exchange rate regime to a managed float after which market forces will balance supply and demand of foreign exchange. 2. The immediate effect of this measure will be the elimination of the currency black market and a redi rection/increase of official annual foreign exchange inflows by as much as US$10 billion+. This increased inflow will be US$3-4 billion from remittances, US$2-3 billion+ from illegal cross border exports of gold, Khat, live animals, etc., under-invoicing of imports and over-invoicing exports and US$4 billion+ fromi ncreased investment flows. 3. Is possible to secure the required US$4-6 billion and from where? The answer is yes, it is possible to ac quire such funding for the purpose of liberalizing the foreign exchange regime. 4. Build financial infrastructure – providing appropriate financial infrastructure will enable the optimal flow/allocation of domestic capital and pave the road for foreign portfolio investment (80%+ of global investment flows) into Ethiopia. 5. The pent-up demand for foreign exchange will be eliminated easing the upward pressure on the exchange rate Putting it all together, there is the potential to increase Ethiopia’s annual foreign exchange inflows by as much as US$10 billion+ 7. Inflation caused by exorbitant wholesale and retail profit margins will be replaced by competitive pricing given the elimination of product shortages. 8. Raw material shortages crippling all sectors of the economy will be diminished. 9. Significant capital flight caused by the closed currency regime will be reduced and funds formerly smug gled abroad may even be repatriated. 10. A major constraint to foreign investment (the inability to repatriate profits and import raw materials) will be diminished. Tags ermias amelega

Ethio Telecom Signs An Agreement To Lease Its Modern Modular Data Center For Five Institutions

Ethio Telecom Signs An Agreement To Lease Its Modern Modular Data Center For Five Institutions Ethio telecom built and launched a modern modular data center recently and has been utilizing it for own multiple purposes and leasing for enterprises. The company has signed a memorandum of agreement today with Zemen Bank, Rays Micro Finance, ZamZam Bank, Hijira Bank and Websprix that would enable these institutions use this modern high-capacity world standard data center for modernizing their information technology system, thereby providing reliable services to their customers. This modular data center is a high-capacity world class standard data center managed by skilled manpower and has more than five direction fiber connectivity with automatic switch over functionality to ensure service reliability and can help carry out quick incident detection and maintenance activities in case of network connection failure or other related problems. Furthermore, it is designed to ensure mission-critical data and equipped with extensive security and compliance system controls with 99.99% uptime track recorded availability, reliable connectivity, high electric power saving capacity and cooling systems, security cameras, modern network, fiber cable enclosures and compartments. Moreover, the data center’s major importance on customer experience includes high availability-best customer experience, flexibility to introduce new platform and service, reliability to run customers’ businesses, high level physical security, fast time to market to host for collocation/ cloud service for the existing and potential partners as well as enable companies, small and medium business and startups to focus on their core businesses, increase their competitiveness, productivity and efficiency. We would like to thank the executives of Zemen Bank, Rays Micro Finance, ZamZam Bank, Hijira Bank and Websprix for choosing to use our modern modular data center and we are also delighted to invite our data center service pursuing enterprise customers to visit our enterprise sales centers. Tags ethiotelecom Hijira Bank zemen bank Zemzem Bank

Tulu Kapi targets 250 Million USD of gold export annually from Ethiopia

Tulu Kapi targets 250 Million USD of gold export annually from Ethiopia Media Statement In London this morning 17 May 2022, KEFI shareholders formally approved the recent capital raisings which were in several stages providing GBP28 million for KEFI to inject into early development works mainly at Tulu Kapi and also at the two Saudi Arabian projects. The total is the equivalent of Ethiopian Birr 1.8 billion and represents part of the future development costs at Tulu Kapi of approximately Ethiopian Birr 18 billion which KEFI has arranged following successful meetings last week of the banks and others in the project consortium altogether in South Africa. The early development activities in Tulu Kapi are specifically community programs, engineering works and early construction works. KEFI operates in Ethiopia via Tulu Kapi Gold Mines S.C and is developing an industrial scale modern operation in accordance with 21st century standards as applied internationally with the latest environmental and social controls. By the time it is in full production of USD250 million of export gold annually, Tulu Kapi will employ over 1,000 local people directly. Training schemes are being planned now. Shareholder Meeting of KEFI Gold and Copper Tuesday 17 May 2022 KEFI Gold and Copper PLC Chairman’s Address General Meeting 17 May 2022 17 May 2022 KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announces that at its General Meeting held earlier today, all resolutions were duly passed. As a result, the Company will now proceed with the allotment and issue of the Placing Shares and the Warrants, each as detailed in the Company’s announcement made on 27 April 2022. These financings are a part of the plan for financing our projects in Ethiopia and in Saudi Arabia. The Company has assembled first-tier project syndicates in both countries and, whilst KEFI’s own capital contributions are relatively small compared with the other planned sources of development financings, as project leader it is important that KEFI makes its finance commitments at certain points in time that are appropriate vis a vis its partners, banks and contractors. KEFI pivoted onto the front foot at the end of 2021, following the end of the Ethiopian civil war in the north of the country and because of exploration results and regulatory improvements in Saudi Arabia. KEFI appears to have a tail-wind on several key fronts: several projects at an advanced stage and against a backdrop of geopolitics having turned in our favour in both countries, as have the market prices of the metals underlying our resources. The Company is focussed on the sequential development path of three advanced projects over the next 3-4 years with targeted aggregate project production of 365K oz per annum gold and gold-equivalent copper, in which KEFI will have a beneficial interest of c.187K oz per annum gold and gold-equivalent copper. KEFI’s reported mineral resources today provide a solid starting position for growth.  Mineral resources are now a combined 4.7 million oz gold-equivalent and all ore bodies remain open. The Company’s beneficial interest in the in-situ metal content of the three projects is today a combined 2.1 million in gold equivalent terms. Tags ethiopia gold export ethiopia gold price

Ethiopia Investment Holdings to Oversee Formation of Capital Market

Ethiopia Investment Holdings to Oversee Formation of Capital Market Ethiopia Investment Holdings, the country’s sovereign abundance reserve shaped recently, declared it has been entrusted with laying out the Ethiopian protections trade (ESX), assuming control over the obligation from the National Bank of Ethiopia. It has been almost two years since the national bank started laying out Ethiopia’s most memorable capital market. The administrative body acquainted an announcement with oversee the securities exchange in 2020 and it was subsequently administered by Parliament. The declaration is made as the Holding Company consented to a participation arrangement with FSD Africa today at Hayatt Regency Hotel. The Holding Group was additionally as of late assigned to direct the privatization of ethio telecom, which was being dealt with by the Ministry of Finance and Public Enterprises Holding Agency.

Ethiopia among the top 10 African countries for highest corporate tax

Ethiopia among the top 10 African countries for highest corporate tax In this article, we are going to list the top 10 major economies in Africa by gross domestic product (GDP) with the highest corporate tax rates. Corporate tax rates vary across the globe and reflect the unique economic needs of every country. Countries rich in natural resources, for example, often generate a bulk of their tax revenue from high corporate taxes on oil and natural gas companies, allowing other industries to operate in a relatively low-tax environment. While Africa has some of the least competitive tax rates of any continent, there is still a high degree of variation among the countries. To determine how small businesses are taxed, OnDeck collated the amount of tax small businesses pay in 200 countries. So without further ado, let’s see the major economies in Africa where corporations have to play their part in improving the economy: While Nigeria’s economy has been affected in recent years and inflation has further affected the country, it still maintains a really high corporate tax rate at 30%. South Africa – $28000 South Africa’s average tax rate for corporations has consistently hovered at the 28% mark over the past decade. Kenya – $30,000 East Africa has multiple entries in the list of countries with the highest corporate tax rates, and Kenya kicks off this list. Ethiopia – $30,000 Ethiopia is another East African country with a really high corporate tax rate in the region. Tags Ethiopia tax Tags Ethiopia tax

Ethiopia joins The International Forum of Sovereign Wealth Funds

Ethiopia joins The International Forum of Sovereign Wealth Funds IFSWF Strengthens its Footprint in Africa with Three New Memberships London, 17 May 2022 – The International Forum of Sovereign Wealth Funds (IFSWF), a global network of sovereign wealth funds from over 40 countries, has admitted the Sovereign Fund of Egypt, as a full member, as well as Ethiopian Investment Holdings and the Fonds Souverain de Djibouti as associate members. The Sovereign Fund of Egypt (TSFE) has been an associate member of IFSWF since 2019. As a full member of the IFSWF, TSFE voluntarily agrees to uphold the Generally Accepted Principles and Practices for governance, investment and risk management of sovereign wealth funds, known as the Santiago Principles®. By applying the Principles, IFSWF members demonstrate their commitment to professional, independent, and commercially orientated investment management as they seek to fulfil the mandates set for them by their owners. Ethiopian Investment Holdings (EIH) was founded in January 2022, as a holding company under local law. Its primary mandate is to unlock the value of the government’s assets through commercial management and optimisation and ready them for privatisation, as well as to act as a reliable local partner for foreign direct investment. The Fonds Souverain de Djibouti (FSD) was established in March 2020 with a multidimensional mandate focused on investing locally, regionally and internationally to catalyse sustainable and inclusive economic growth for the diversification of Djibouti’s economy, the creation of jobs and building reserves for future generations. Strengthening corporate governance is a key enabler to successfully partnering with domestic and foreign private sector participants and ultimately achieving its mission. IFSWF associate membership is specifically for institutions in the early stages of becoming sovereign wealth funds. By becoming associate members, both EIH and FSD voluntarily agree to work to implement the Santiago Principles®, as they put their investment and risk management processes in place. Associate membership is granted for up to three years. Obaid Amrane, Acting Chair of the IFSWF, said: “We are delighted to admit TSFE to full membership and to welcome EIH and FSD as associate members. These new memberships represent the spread of the sovereign wealth fund model across Africa, and the appetite of these institutions to conform to international best governance practices to ensure the best outcomes for their citizens. We hope that the growth of IFSWF’s African membership will help drive co-operation and co-investment between sovereign wealth funds across the continent and around the world.” Ayman Soliman, CEO of the Sovereign Fund of Egypt, said: “It is an honour for SFE to become a full member of the IFSWF. This move represents our commitment to upholding the Santiago Principles and implementing international best practices across our activities, enabling us to be the partner of choice for international and local investors in Egypt and using our projects as a catalyst for change towards more sustainability and transparency.” Mrs Bilen Mammo, Deputy CEO of Ethiopian Investment Holdings, said: “As a new sovereign wealth fund, we are thrilled to have been accepted as an associate member of IFSWF. We hope to be able to use this opportunity to learn best practices from our peers and experts and work towards becoming a fully-fledged sovereign wealth fund that will attract more international private capital into Ethiopia.” Dr Slim Feriani, CEO of Fonds Souverain de Djibouti, said: “It’s fantastic news and an important milestone for FSD: joining the IFSWF community accelerates our plan to further embed the Santiago Principles into our governance. It brings numerous opportunities to attract partners to Djibouti, a small country that became a giant global logistics hub thanks to a politically and monetarily stable free-flowing capital open economy that serves as a shipping gateway into the Horn of Africa which accounts for more than 11% of the continent’s population.” –ENDS– About the International Forum of Sovereign Wealth Funds The International Forum of Sovereign Wealth Funds (IFSWF) is a voluntary organisation of global sovereign wealth funds committed to promoting good governance and investment management practices through dialogue, research and self-assessment. The IFSWF also seeks to promote a deeper understanding of sovereign wealth fund activity amongst government and financial services institutions. The Santiago Principles are a registered trademark of IFSWF Ltd. Find out more at www.ifswf.org Contact: Victoria Barbary, Director of Strategy & Communications, IFSWF vb@ifswf.org Tags Ethiopian Investment Holdings

Ethiopia’s exports to China rise by 8% in 2021 over 2020 figure

Ethiopia’s exports to China rise by 8% in 2021 over 2020 figure Ethiopia’s export to China witnessed a steady growth amid booming bilateral trade and investment cooperation, according to Chinese ambassador to the country Zhao Zhiyuan, who recently said Ethiopia’s exports to China increased by 8 per cent in 2021 compared with 2020 as new foreign direct investment (FDI) from Chinese companies grew by 346 per cent. The value of newly signed contract projects by Chinese companies in Ethiopia was up by 25 per cent in 2021, Zhao said. Zhao made the remarks during the China-Ethiopia Investment and Trade Cooperation Forum co-hosted by the Chinese Embassy in Ethiopia, the Ethiopian Investment Commission (EIC) and the Investment Promotion Agency of the Ministry of Commerce of China in Addis Ababa. Chinese FDI in Ethiopia and other main indicators of bilateral commercial cooperation have maintained sound momentum during the first quarter of 2022, he was quoted as saying by a news agency. Zhao said for consecutive years, China has been Ethiopia’s biggest trading partner, the top source of FDI and the largest project contractor, as the two countries deepen cooperation through the Belt and Road Initiative.