Ethiopian data and media firm Shega is leading the charge for financial inclusion with the launch of the DFS (Digital Finance Service) Ethiopia Hub. This groundbreaking platform serves as a one-stop shop for stakeholders, offering a wealth of data, insights, and resources to navigate the ever-changing digital finance landscape in Ethiopia.
Boeing, the American aerospace giant, has announced plans to establish its new African headquarters in Addis Ababa, Ethiopia. This significant move signifies a strategic shift for Boeing, placing Ethiopia at the center of its African expansion plans.
Safaricom PLC is setting its sights on Ethiopia’s burgeoning debt market, planning to raise up to $150 million (equivalent to 8.6 billion Ethiopian Birr) through local currency bonds. This move comes as the country’s securities exchange prepares to launch in the third quarter of 2024.
Ethiopian Airlines is offering a significant discount on coffee shipments to Asia and the Middle East, reducing the cost from $3 to $1.5 per kilogram. This move aims to boost coffee exports and counter potential losses from new EU regulations.
Ethiopia’s Ministry of Tourism has reported generating a significant sum of $3.2 billion in revenue over the past nine months. This figure, attributed to both foreign tourists (861,126) and domestic visitors, comes close to the country’s average annual export earnings. However, the validity of these statistics is being met with skepticism due to the ongoing conflicts in several key tourist regions.
African startups have witnessed a surge in funding over the past five years, with nearly $15 billion raised according to a report by Africa: The Big Deal (excluding mergers and acquisitions). However, the distribution of this capital paints a picture of a continent with concentrated investment.
Awash Bank emerged as the highest bidder in a land auction for plots surrounding the recently demolished Piassa neighborhood in Addis Ababa. The bank secured a 977 square meter plot in the Arada District for a price of 341,000 Br per square meter, committing to full upfront payment.
Ethiopia faces challenges meeting its loan obligations despite a debt suspension agreement reached in 2023. Finance Minister Ahmed Shide revealed the nation only repaid 10% of what was due in the first nine months of the fiscal year.
The African Development Bank (AfDB) is providing a significant boost to young people and women in Ethiopia’s agricultural sector. The Board of Directors of the African Development Fund, the concessional financing arm of the AfDB, approved a grant of USD 42.86 million on May 22, 2024, to fund the Agri-MSMEs development for jobs Program.