The Biden administration signed for the official termination of Ethiopia, Mali, and Guinea from AGOA

The Biden administration signed for the official termination of Ethiopia, Mali, and Guinea from AGOA U.S. President Joe Biden announced on November 2021 the decision to terminate Ethiopia’s designation as a beneficiary country under the African Growth and Opportunity Act (AGOA) at the end of this year. Despite many efforts made by international and local parties, the Biden administration decided to go through its decision. The sanction of the AGOA will be effective from January 9, 2022, including for Ethiopia, Mali, and Guinea, stating they could not meet the demands. Although the Biden administration gave a two-month notice period before it was canceled, high-profile congressional leaders expressed their concern that this decision would hurt the nation’s most vulnerable and reverse hard-won economic gains without reducing hostilities in the ongoing civil war. The termination of Ethiopia was acquitted of alleged human rights abuses in connection with the Tigray war. in addition to pressure on Ethiopia’s government to negotiate with the TPLF. Earlier this week, Senator Van Hollen, chair of the U.S. Senate Foreign Relations Committee, Subcommittee on Africa and Global Health Policy, and Congresswoman Bass, Chair of the House Foreign Affairs Committee, Subcommittee on Africa, Global Health, Global Human Rights and International Organizations wrote a letter for the Biden administration to reconsider its decision. Noting the suspension of AGOA benefits will be counterproductive and disproportionately harm the most vulnerable Ethiopians without contributing to the cessation of hostilities. The Ethiopian American Citizens’ Council has been pushing hard for Ethiopia not to be deprived of the benefits of the AGOA, which has been in place for many years. Tags AGOA

KEFI Minerals secures additional 800 million birr from shareholders for Developmental projects including Ethiopia.

KEFI Minerals secures additional 800 million birr from shareholders for Developmental projects including Ethiopia. Addis Ababa Ethiopia, December 23, 2021 – KEFI shareholders Yesterday announced that they will allocate an additional 800 million birr for developmental projects including the launch of Tulu Kapi. Planned to be as soon as the security situation allows, which is expected to be in early 2022. In addition to the Tulu Kapi launch it will also be allocated for KEFI’s two other development projects in Saudi Arabia, Hawaii Copper & Gold and Jibal Qutman Gold. According to the announcement by KEFI Gold and Copper plc the ultimate parent company of Tulu Kapi Gold Mines S.C and KEFI Minerals Ethiopia Limited, this is a small two-stage capital raising from its 5,000 shareholders on the London Stock Exchange of £13 million (US$18 million or 800 million Ethiopian Birr) “KEFI Directors and management themselves invested over US$2 million which is approximately 100 million Ethiopian Birr in today’s capital raising in London. By this investment, combined with their shareholding of more than 10% in KEFI, this highly experienced senior team which has also managed some of the world’s largest mining companies demonstrates its  full commitment to the development plans of the company, starting with Tulu Kapi.” Said Dr Kebede Belete, Chairman of KEFI Minerals Ethiopia Limited and Deputy Chairman of Tulu Kapi Gold Mines. ”KEFI subsidiary KEFI Minerals Ethiopia Limited has already invested over US$70 million into Tulu Kapi Gold Mines Share Company and plans to further invest over $300 million  or 13 Billion Ethiopian Birr for Tulu-Kapi project development, financed by its already assembled consortium which includes Africa’s leading gold plant designer Lycopodium, Africa’s leading mining services contractor Corica along with other specialists and African focused mining financiers.” he added. The Tulu Kapi Gold Project will generate direct employment for approximately 1,000 people from West Wolega and indirect employment for 5-10 times that number of people. According to the chairman, the modern discovery of the industrial scale gold deposit at Tulu Kapi was approximately 15 years ago and KEFI was invited to take control in 2014 to introduce the latest international standards to the project. KEFI has since then updated the mine design and successfully worked hard with Government regulators in assisting with policy initiatives like international bank accounts, market-based interest rates, the right to use gold price insurance or hedging, 70/30 capital ratio in recognition of the capital intensity of industrial-scale mining and the encouragement of Ethiopian country membership for multilateral development banks which allocate capital to African countries in particular. The Tulu Kapi Gold Project consortium includes major African multilateral development banks East African Trade and Development Bank, whose regional headquarters is in Addis Ababa,  and African Finance Corporation, the huge Nigerian-based development bank. These two banks have already worked with the Ethiopian Government on several initiatives including their work with Tulu Kapi Gold Mines Share Company. As part of the Tulu Kapi Project Consortium, the banks signed their initial deal terms sheets two years ago. Since then they have completed independent experts due diligence reports and now await security and other normal requirements like detailed documentation and insurances to be satisfied to support the launch of the project.

Commercial Bank of Ethiopia Secured USD 2.64 Billion in Forex

Commercial Bank of Ethiopia Secured USD 2.64 Billion in Forex Commercial Bank of Ethiopia, which is the biggest bank in East Africa with total assets worth almost a trillion birr, just made an announcement concerning remittances. In a lottery event, the Bank stated that it has secured USD 2.64 Billion in foreign exchange from remittances sent home during the Ethiopian fiscal year that ended on July 8, 2021. The lottery event was held so as to encourage its customers to get remittances. Awards range from a car, tri-wheelers, and motor bikes to numerous laptops.

Just seventy-six years ago, Ethiopian Airlines was founded

Just seventy-six years ago, Ethiopian Airlines was founded First starting its operations with former military Douglas C-47 transports, Ethiopian Airlines has grown to become Africa’s largest airline. Founded on December 21st, 1946, the carrier now has a fleet of 130 aircraft, operating a particularly diverse fleet of widebody twinjets. Having already covered the airline’s history in previous articles, let’s specifically take a look back at the carrier’s past year. Ethiopian’s 75th year Now 76 years old, Ethiopian’s 75th year as an airline wasn’t an easy one considering the ongoing challenges presented by the global health crisis. Sadly, the airline’s 73rd and 74th years had their own issues, too, of course. Indeed, 2021 has been a continuation of problems that began in 2019- with the carrier being one of two airlines at the center of the Boeing 737 MAX crisis. Despite these fierce headwinds, the carrier continues to operate and demonstrate the strength of African aviation. Let’s take a look at notable news for the airline over the past 12 months. For those interested in the airline’s entire history, you can find articles here and here. Playing a critical role throughout the crisis April 2021 marked a milestone moment for the airline as it delivered 2.184 million doses of the coronavirus vaccine through the COVAX global vaccine-sharing initiative. The leadership at Ethiopian Airlines said that its goal was to take a leading role in transporting vaccines across the globe. Six months later, the airline proudly announced that it had delivered over 50 million doses to more than 28 countries. The work of transporting vaccines has been carried out by the airline’s cargo division: Ethiopian Cargo and Logistics Services, Africa’s largest cargo service provider. The firm says that it has successfully distributed the vaccines via its specially equipped facility called ‘Pharma Wing.’ The airline’s focus on cargo will continue as it is partnering with IAI to setup a 767 passenger-to-freighter conversion facility at Ethiopian’s Addis Ababa hub. This new partnership was announced in August 2021. The airline’s focus on cargo will continue as it is partnering with IAI to setup a 767 passenger-to-freighter conversion facility at Ethiopian’s Addis Ababa hub. This new partnership was announced in August 2021. In addition to its work in transporting vaccinations, the airline also notes that it was one of the few carriers that worked continuously throughout the crisis amid border closures and travel restrictions. As a result, Ethiopian had reunited or repatriated more than 63,000 stranded passengers. Continuing to grow Despite significant setbacks to the global aviation industry, Ethiopian Airlines is continuing to grow and is setting its sights far past this crisis. In September, the carrier took delivery of its 32nd Dash 8-400 turboprop, having already received its 30th and 31st Dash 8-400s earlier this year. Working with other African carriers (ASKY Airlines, Malawi Airlines, Ethiopian Mozambique Airlines, and Tchadia Airlines), Ethiopian group chief executive officer Tewolde GebreMariam has called these new deliveries “a testament to the joint success in supporting our network and strategic partnerships with several carriers across Africa.” Fleet growth includes widebodies as well, as Ethiopian also took delivery of two Airbus A350s this year, with both taking place quite recently, in December. The airline still plans to place a significant widebody order in the near future, with the Airbus A350 and Boeing 777X being the top contenders for the airline’s interest. With everything announced in the past year, Ethiopian’s upcoming year should be another big one- which may even include a return of the 737 MAX for the carrier. Fleet growth includes widebodies as well, as Ethiopian also took delivery of two Airbus A350s this year, with both taking place quite recently, in December. The airline still plans to place a significant widebody order in the near future, with the Airbus A350 and Boeing 777X being the top contenders for the airline’s interest. With everything announced in the past year, Ethiopian’s upcoming year should be another big one- which may even include a return of the 737 MAX for the carrier. Source- Simple Flying: Africa’s International Powerhouse: 76 Years Of Ethiopian Airlines.https://simpleflying.com/ethiopian-76-years/ Tags ethiopian airlines

Ethiopian Airlines has once again won the 2021 African Best Airline Award.

Ethiopian Airlines has once again won the 2021 African Best Airline Award. Ethiopian Airlines has once again won the 2021 African Best Airline Award. The airline, which has won the internationally recognized Skytrax Award for four consecutive years, has announced that it will continue to provide quality services. South African and Kenyan airlines are second and third, behind Ethiopian Airlines. In addition to being the best airline in Africa, the airline has improved from 44th in the world to 37th.

Ethiopian airlines dethroned by Kenyan airways, named African leading airline

Ethiopian airlines dethroned by Kenyan airways, named African leading airline Kenya Airways has been awarded ‘leading airline in Africa’ The last time Kenya Airways bagged this award was in 2016 and 2017, making the timing very encouraging for the airlines because it shows recovery from the blow dealt by COVID-19 For three years starting from 2018, Ethiopian Airlines had held this prestigious award, but it was South African Airways who had dominated this scene for the twenty one years from 1994 to 2015. Although Ethiopian Airlines won the award for the leading brand and economy class, Kenya Airways’ business class emerged on top. The news of the award is met by mixed reactions, though, given that Kenya Airways has financially struggled to remain profitable in the recent past. Reportedly, the company had 11.48 billion Kenyan Shillings (around USD 100 million) in net losses in the six months ending June 2021, saying that the operating environment was still being negatively impacted by the COVID-19 pandemic.

Abyssinia Bank awards CSCEC to construct its 60 storey building headquarter

Abyssinia Bank awards CSCEC to construct its 60 storey building headquarter After using the 15-storey building (bought at 400 million birr from SACA PLC) for seven years, Bank of Abyssinia had recently announced that its management wants to move the headquarters to a new building. The bank just announced that the construction project of this anticipated new building was awarded to China State Construction Engineering Corporation (CSCEC) worth USD 400 million. Being 60 storey high and constructed on 9,763 square meters of land in Mexico – on the road known as ‘the financial district of the city’ – the grandiose building will help the bank upgrade to a higher level. The announcement of this new project came during the same period when the Bank passed the recently set five billion birr paid-up capital requirement, five years before the deadline. The project is expected to start in four months, and it is expected to take five years to be completed. According to Bekalu, who was the president of the Commercial Bank of Ethiopia (CBE) when the state giant awarded the same construction company to construct its 46 storey skyscraper next to Ethiopia Hotel, the addition of this new building will help spur further economic growth. The observable trend of the country’s biggest banks deciding to move into the city’s biggest buildings seems to be only growing. Awash Bank, the biggest private bank in Ethiopia, is also planning to construct a 50-storey building on its 8,700 square meters of land in Mexico, with an estimated cost of 12 billion birr. It is said to begin construction once approval for its land lease request arrives. A few months back, Nib, too, had completed the construction of its headquarters, built on 3,600 square meters of land at a cost of two billion birr – 400 million birr higher than the original budget.

Selamawit Zemene wins the AACCI award for best woman entrepreneur of the year

Selamawit Zemene wins the AACCI award for best woman entrepreneur of the year Mrs. Selamawit Zemene, an Ethiopian residing in Nairobi won the Woman Entrepreneur Award of the Year of the Asian-African Chamber of Commerce and Industry (AACCI) at the Asian-African Leadership Forum held in Ghanaian capital, Accra on 10 December 202. She is and the Chief Executive Officer of Signum Company Limited. The Embassy of the FDRE in Nairobi congratulates Mrs. Selamawit on the well-deserved award

A step forward for electric mobility initiative towards policymaking

A step forward for electric mobility initiative towards policymaking The Ministry of Transport and Logistics (MoTL), in collaboration with the GGGI Ethiopia Office, organized a policy dialogue concerning e-mobility initiatives. The discussion consisted of government ministries, the private sector, and partner organizations. The objective of the policy dialogue was to create a gateway for improved networking, experience sharing among key stakeholders. Discuss key issues of policies, standards, and specifications, as well as identify new opportunities and challenges in a bid to solicit inputs for the adoption of electric mobility tailored to the Ethiopian context. During the opening session, Mr. Fitsumbirhan Tsegaye, an Advisor to the Minister of MoTL, briefed the participants on significant activities undertaken to transition to e-mobility as part of the government’s government endeavors toward creating Climate Resilient Transport and Infrastructure Services in the country. He said that awareness-raising events had been conducted on the e-mobility initiative for key government sectors and support functions, including the customs authority and investment offices, to consider possible incentives for the private sectors engaged in green investment and job creation import of electric vehicles. He indicated that the tax structure covering the incentive program for electric mobility has been crafted and referred to pertinent officials at the Ministry for decision. The types of the proposed incentives are financial, non-financial, and action for charging infrastructure. Mr. Fitsumbirhan further noted that paramount importance had been attached to the charging infrastructure that could accommodate the influx of e-mobility vehicles to be imported shortly. He said the effort is also being exerted to explore the land use potential to ensure a sustainable e-mobility in significant cities of the country, including Addis Ababa. Dr. Gemedo Dalle, GGGI Ethiopia Representative, pointed out that Ethiopia has been leading by example with climate-smart policies and strategies. Still, the implementation of these policies and procedures needs significant improvement. He lauded the ongoing efforts being exerted by the MoTL to shed light on the issue of e-mobility and take the leading role in establishing a multi-sectoral policy dialogue as an entry point to transition to green and sustainable transport. He noted that the Ministry had adopted clearly defined objectives and targets that will significantly reduce Green House Gas Emissions in its ten-year perspective plan and encouraged all stakeholders to contribute to implementing this comprehensive plan. Dr. Gemedo expressed that GGGI can explore and tap the immense potentials of its experts and provide policy and technical support to the state and non-state actors engaged in green investment, including non-motorized sustainable transport. He further noted that GGGI could support developing and submitting bankable projects to access financial resources from funding organizations, including the Green Climate Fund (GCF). He added that GGGI would continue supporting the private sector to be accredited for accessing funds from GCF. Subsequently, Ms. Militetsega H. Gebreselassie, Senior Program Officer at GGGI Ethiopia, presented an overview of the GGGI-supported e-mobility program, its implementation strategy, as well as core activities were undertaken, including commissioning of a pre-feasibility study on e-buses (BRT-B2) in Addis Ababa and follow-on stakeholders’ consultative meeting. In his concluding remarks, Mr. Fitumbiran underlined that the participants’ brainstorming ideas, views, and thoughts would serve as potential inputs for adopting the e-mobility policy and unveiled plans that such a consultative platform will be continued monthly in much a broader basis. As part of the way forward, participants of the meeting reached a consensus. They adopted action points, which included, among others, expanding the base of the existing consultative platform through forging strong collaboration and networking with the state and non-state actors, enhancing awareness on e-mobility initiatives to garner supports and engaging partners, including pertinent government officials at the ministerial level, explore possibilities for the expansion of infrastructure meant for non-motorized transport services, and tap a wider window of opportunities to leverage and solicit funds for enhancing the engagement of the private sector in the e-mobility initiative. Tags GCF GGGI MoTL