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 [email protected] 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.

Ethiopia Sip One Billion Dollar from Coffee Export

Ethiopia Sip One Billion Dollar from Coffee Export Oumer Hussein, Ethiopia’s Minister of Agriculture, said in a congratulatory tweet that Ethiopian coffee exports had reached a new high of $1 billion in income. The export of around 300,000 tonnes of coffee to the global market contributed to the record-breaking revenue. Once again, China is Ethiopia’s top customer. In 2021, China’s imports of Ethiopian coffee increased by 196 percent over the previous fiscal year. Tags ethiopia coffee export

Meet Total’s Startupper of The Year Winners From Ethiopia

Meet Total’s Startupper of The Year Winners From Ethiopia Startupper of the Year Challenger by TotalEnergies After the decisive final stage during which the 15 finalists were invited to pitch their project to a local jury, 3 winners were chosen in each country. 32 African countries took part in the Startupper of the Year Challenge by TotalEnergies’ 3rd edition! Our aim is to support young entrepreneurs’ that have either a young established startup (under 3 years) or a business creation idea. On top a prize for each of these two categories, we also awarded a best female entrepreneur. The 3 winners will receive financial support, media visibility and personalised coaching to guide them in developing their project. This years’ winners were selected according to: their alignment to the Sustainable Development Goals as defined by the United Nations, their innovative character and a feasibility of the project over the coming years. The different phases of the Challenge Our 3 Startuppers of the Year Best business creation project Hoheyat BERHANU Husky Energy and Technologies A renewable energy startup trying to solve energy poverty, waste problem & indoor pollution. Upscaling coffee-waste to serve as a source of energy which shall be used in our smokeless stove that combats indoor pollution. We plan to sell pellets & briquettes as primary products while gasifier stoves, fast-food pushcarts & biomass electric generators are our secondary products that create sustainable demand. Best startup under 3 years old Natnael ALEMAYEHU Haleta Tutors Haleta Tutors is the leading tutorial service provider in Ethiopia with a website where parents can search among 400+ top tutors who are dedicated to helping students excel in their academics. Best female entrepreneur Mihiret REDI Dynamo Center for Technology. Dynamo Center for Technology is a Science, Technology, Engineering, and Mathematics (STEM) education and research center in Southwest Ethiopia, primarily focuses on promoting the young generation through giving short term practical based training using its own local language-based digital teaching devices to deliver science education in an easy & artistic way based on the student’s age & knowledge. Cookies Tags haleta tutor

The Bank of Abyssinia Future Head Quarters Construction Project has been formally initiated

The Bank of Abyssinia Future Head Quarters Construction Project has been formally initiated The Bank of Abyssinia Future Head Quarters Construction Project has been formally initiated by an International Competitive bid floated in December 2020 and awarded to China State Construction Engineering Company after in-depth negotiation on the contract terms. Today’s signing sets a significant milestone in the history of the Bank of Abyssinia. Bank of Abyssinia, which is named after the pioneer bank of the land, is one of the few private banks, established in 1996. The name Abyssinia, which is also the name of ancient Ethiopia, reminds us of Ethiopia’s age-old civilization and cultural heritage. Our bank has chosen to be associated with this name, thus, reaping wider acceptance by the public. Bank of Abyssinia stands second-largest bank among the 20 private banks operating in the Ethiopian Banking Industry in parameters of Assets, Deposits, and Profitability. The bank is stepping up to reach its vision of becoming the leading commercial bank in East Africa; with enablers like the growth of the Ethiopian economy, untapped market potentials for financial services, and the latest positive trend in new innovations and digital transformation. The bank also leverages the value discipline of “Operational Excellence” bringing about efficiency and effectiveness in reaching out to the mass market. Operating in the banking business for 26 successful years, Bank of Abyssinia owns a total asset of USD 2.7 billion and an average yearly profit of USD 100 million. Bank of Abyssinia has more than 700 branches all over the country and avails 24/7 services through digital channels and Self-Service branches. China State Construction and Engineering Corporation builds skyscrapers all over the world successfully handling more than six thousand projects in the international market and expanding its construction services in different countries. China State Construction and Engineering Corporation is also well remembered for constructing the African Union Conference center, NOC Headquarters, and the new Head Quarters of the Commercial Bank of Ethiopia in Addis Ababa. Bank of Abyssinia Future Headquarters buildings project is like a vertical city that fully meets the demands of all functions and gives visitors an extraordinary experience. The tower building will be standing the tallest building in East Africa with a height of 270 meters above ground residing on a plot of 9700 meters square of land near Mexico square. The total built-up area of the Bank of Abyssinia headquarter complex is 174 thousand meter square. The main tower comprises a total of 60 floors (56 floors above ground and four floors underground). The underground functions mainly include a mechanical parking area, vault and equipment rooms, and vehicle lobby area. The sky garden is at the top of the tower building. The top of the tower building is also catering to the bank’s logo with a hollow glass curtain wall of diamond structure. The building complex mainly includes an office, a podium which has nine floors above ground, lobby area, mall, cinema, and lecture hall. The building complex has also another block of 20 stories building above ground and two stories underground. Bank of Abyssinia headquarters building will become a landmark in Ethiopia, a new gathering and a focal point in Addis Ababa, and the most eye-catching night scene in the capital city. Today, we have concluded a historic contract on a historic project. The landmark, Bank of Abyssinia headquarter project will infuse additional vitality into Addis Ababa and bring tangible benefits to the bank stakeholders. It is our conviction, that with expertise and experience of China state Construction Engineering Company and unreserved support of Bank of Abyssinia management and project team, the Bank of Abyssinia headquarters will be built according to the contract and schedule.

Ethiopia’s Addis Alemayehou Named in 100 Global Tech’s Changemakers List

Ethiopia’s Addis Alemayehou Named in 100 Global Tech’s Changemakers List Ethiopia’s serial entrepreneur and investor Addis Alemayehou was recognized in the Rest of World (RoW)’s 100 Global Tech’s Changemakers’ list for his contribution to the tech sector amid challenges. Earlier this year, RoW set out to find 100 of the most influential, innovative, and trailblazing personalities in fintech, e-commerce, policy, digital infrastructure, and a range of other sectors that intersects with and influence technology for its inaugural RoW100: Global Tech’s Changemakers. Mr. Addis, the Chairman of Kazana Group, a holding company that currently holds a portfolio of more than 16 companies operating in a diverse array of industries and sectors, notably in marketing, communications, advertisement, fintech, telecom, manufacturing, logistics, technologies, investment management & advisory, and many more was recognized by Rest of World (RoW) among 100 individuals for his outsized contribution to a range of sectors while facing logistical, financial, and other challenges for more than an decade.

Things You Should Know About 5G

Things You Should Know About 5G 5G is the 5th generation mobile network. It is a new global wireless standard after 4G networks. 5G enables a new kind of network that is designed to connect virtually everyone and everything together including machines, objects, and devices. 5G wireless technology is meant to deliver higher multi-Gbps peak data speeds, ultra-low latency, more reliability, massive network capacity, increased availability, and agility. These have the potential to deliver new user experiences and connects new industries. 5G vs. 4G The high reliability and ultra-fast speed of 5G networks enhance the current capabilities of 4G networks, which themselves built on 3G’s application and data technology. However, there are significant differences between 5G and 4G, including: 5G technology capabilities: 5G technology offers a massive step forward in terms of mobile technology capabilities. Current 4G Long-Term Evolution (LTE) technology can only use lower frequency bands, which operate up to 6 GHz. However, 5G’s radio bands are able to handle between 30 GHz and 300 GHz. This high frequency enables 5G to offer significant speed increases, support huge data transfers, and free up bandwidth. Significant speed: The key difference between 5G vs. 4G is the significant additional speed that 5G networks offer. 4G networks have a peak speed of around 1 GB per second, while 5G can offer 20x that level. That means much faster mobile downloads without having to connect to Wi-Fi. Greater capacity: 4G networks struggle to handle multiple devices connecting in the same location, such as at busy concerts or sports events. 5G solves this problem by providing high-precision transmissions to each individual device, which allows it to handle up to 1 million devices in a square kilometer. That precision is crucial as mobile device usage continues to increase exponentially. Innovative mobile traffic usage: 4G networks’ radio waves can carry limited amounts of information, which is problematic because Ericsson’s Mobility Report shows data traffic growing by 60% every year. 5G enables more people to use networks. It meets the demand for increased usage of social media, online gaming, and video streaming. It also enables crucial data-intensive use cases in the healthcare and industrial sectors, such as ambulance teams streaming an incident response directly to a hospital. More than a mobile network: The processing power of 5G takes it far beyond current network capabilities. It can become a distributed data center that performs processing tasks and brings edge computing closer to users. This allows the network to handle processing-intense tasks, such as games and augmented reality filters, instead of users’ phones, which improves performance and saves phone batteries. This could result in new innovations such as lightweight AR glasses and fleets of delivery drones. How Does 5G Work? Explaining 5G relies on understanding the following core components of the technology: 5G New Radio (NR) which defines the air interface upon which user, machines, and devices connect and send and receive data. 5G NR includes several low and mid-frequency bands in the sub-7 GHz range, defined as FR1, as well as higher frequency bands above 24 GHz, defined as FR2/mmWave. 5G frequency includes all previous cellular spectrum and additional spectrum in the sub-7 GHz frequency range and beyond. A key reason that additional spectrum is being made available is to overcome the physical limitations associated with throughput and bandwidth 5G Next Generation Core (5G NGC) is the “brain” of the 5G network, providing control and management for the network, its services, and the connected devices. The new 5G core, as defined by 3GPP, utilizes cloud-aligned, service-based architecture (SBA) that spans across all 5G functions and interactions, including authentication, security, session management and aggregation of traffic from end devices. The 5G core further emphasizes Network Function Virtualization (NFV) as an integral design concept with virtualized software functions capable of being deployed in an agile and distributed manner Multi-access Edge Computing (MEC) is one of the key pillars for meeting the demanding KPIs of 5G, especially as far as low latency and bandwidth efficiency are concerned.  MEC is also expected to play an essential role in the transformation of mobile networks into versatile service platforms for industry and other specific customer segments. IP Multimedia Subsystem (IMS) delivers IP based multimedia services, IMS offers access to IP based services independent of the access network. 5G delivers the following main enhanced and new capabilities: Enhanced Mobile Broadband Communications (eMBB) that delivers up to Gbps speeds. Massive Machine to Machine Communications (mMMC) that supports high density (up to 1 million devices per square kilometer) and unique IoT requirements. Ultra-high Reliability and Low Latency Communications (uRLLC) enables the high reliability and very low latency that are critical for many industrial use cases. Network Slicing allows the delivery of isolated and customized “network slices” to meet specific traffic requirements and use cases. These may include KPIs such as QoS, capacity, latency, and security. 5G is the most secure commercial mobile generation and wireless technology, with enhanced authentication, encryption, and overall integrity. 5G is a critical enabler for enterprises’ real objectives, which is the deployment and enablement of a great number of use cases that bring value and innovation in products, services, operations, safety, and agility. These may include such things as closed-loop process automation, real-time logistic management, augmented reality, predictive maintenance, and more. Delivery of such use cases requires the creation, deployment, and management of an interconnected 5G industrial ecosystem, including all related OT/IIoT devices and vendors, industrial applications and tools—both on-site and on public/partner clouds, and the 5G network itself. Therefore, the 5G native security capabilities are only part of the story. The 5G ecosystem that interlocks enterprises, providers, and the partners serving their unique business interests creates a distributed attack surface that 5G on its own is unable to defend. The rise of the sophisticated attacks—ranging from Advanced Swarm-Attacks that will leverage 5G-enabled devices to overwhelm defenses, to increasingly sophisticated IoT/IIoT and API-based attacks that can leverage AI to speed delivery and outwit traditional and isolated security systems—warrants a defense-in-depth approach to security. One that builds on the foundation of native 5G security with additional security layers to protect the entire 5G ecosystem end-to-end to deliver business-critical enterprise use cases Why is 5G so important? 5G enables a new kind of network that is designed to connect virtually everyone and everything together including machines, objects, and devices. How does 5G work? 5G is composed from the following main components: 5G New Radio (NR), 5G Next-Generation Core (5G NGC), Multi-access Edge Computing (MEC), and IP Multimedia Subsystem (IMS).