Ashenafi EndaleApril 14, 2021
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1min2810

The National Bank of Ethiopia introduced a new threshold for banks’ minimum paid up capital, raising the bar to ETB5 billion, up from the current ETB500 million. Existing banks are given five years grace period to meet the new threshold, while new banks in seven years, according to Frezer Ayalew, Bank Supervision director at NBE, who said the letter is just dispatched for the commercial banks.


Ashenafi EndaleApril 9, 2021
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1min4080

The first private iron ore mining plant is to kick off in Mekaneselam, Wollo zone in central northern part of Ethiopia. C&E Brothers Steel is investing between USD150 million and USD200 million, to install a medium scale iron ore mining project that produce over 1 million tons of iron for 60 years.


Ashenafi EndaleApril 9, 2021
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1min3090

Ministry of Mines and Petroleum agreed to renew Midroc’s Legedembi Gold Mining license. Midroc Gold is expected to resume production in the next two years.

“Midroc is allowed to start running its mining plant in Legedembi. However, local people who were affected by the project previously must be compensated and reach agreement on how the community get a lasting benefit. Plus, the project cannot resume immediately now, because Midroc has to maintain its machineries, which has been idle,” Frehiwot Fekadu, communications director at MoMP, told EBR.


Ashenafi EndaleMarch 26, 2021
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1min7700

The House of People’s Representative ratified revised Commercial Code of Ethiopia. The revised code featured various new articles ranging from types of business licenses, online registration and closing, taxation and renewal procedures, ecommerce, trade competition practices, arbitration and tribunals, among others.


Ashenafi EndaleMarch 26, 2021
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1min10460

Sunpay Solutions Plc becomes one of the first two companies requested license from the National Bank of Ethiopia to operate their own Point of sales (POS) and ATM machines. Established with ETB100 million, Sunpay has planned to deploy 60,000 POS machines. The company is also in preparation to launch a digital financial service. The sister company of sunshine Investment Group that includes sunshine construction, planned to start operation by July 2021.  


Ashenafi EndaleMarch 15, 2021
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1min1810

If there is a primary concern of governments in a modern state, it is the wellbeing and safety of its residents. At the heart of all the political turf-wars, reforms, revolutions, and fights, is the improvement of Society’s livelihoods. Nonetheless, the insecurity different social groups in Ethiopia face attests otherwise to the social contract.
Of all the social turbulences, none amount to the damages unleashed in the Tigrai region in northern Ethiopia. Regime changes have brought less for the ordinary people of Tigrai, usually mistaken for the elite rulers. After the lauching of military operations in the region, society has found itself between a rock and a hard place. EBR talked to victims, witnesses, humanitarians, and officials on the social crisis ongoing in Tigrai.


Ashenafi EndaleMarch 15, 2021
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1min2490

The revision of the existing proclamation regulating different level chambers has caught the attention of the business community. In its final drafting stages, it will largely concern the organization and running of Ethiopian businesses under different chambers and sector-based associations. However, the changes offered in the draft proclamation have garnered stiff reservations and displeasure from the private sector. EBR’s Ashenafi Endale explores the business community’s concerns on the draft proclamation.


Ashenafi EndaleMarch 15, 2021
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1min2290

Myriam Said, Digital Advisor to the prime minister, is the leading personality behind Ethiopia’s stride towards the digital economy. She coordinates initiatives implemented to advance digital technology throughout the economy, currently at an early stage of development. Myriam’s promotion to advisor to the prime minister in February 2020 came as a result of her dedicated work when serving for nine months as Director of the National Digital Transformation Program at the Ministry of Innovation and Technology. While working as a director, Myriam led a team of experts who developed Digital Ethiopia 2025, an inclusive strategy guiding Ethiopia’s journey from analogue practices where government, business, and social interactions took place in person, to a fully integrated inclusive digital economy and society where exchanges are made faster, cheaper, and more securely through digital technology.


Ashenafi EndaleMarch 15, 2021
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1min1660

Ever since Ethiopia became landlocked after losing its access to the Port of Assab three decades ago, international trade has remained the Achilles heel of Ethiopia’s economy. The country’s dependency on imports could not be matched by efficient logistics services. Numerous service providers fight it out on one major route, the Ethio-Djibouti route, though it’s primarily primed for the state-owned carrier.
Coupled with low support provisioned, the closure of the logistics sector to foreign investors has stunted its growth.
Following the partial opening-up of the sector since 2018, a number of global shipping groups and logistics service providers are inking deals with local firms. Though late, the move is highly expected to buffer financial and knowhow transfers, long and eagerly awaited for by local players. EBR’s Ashenafi Endale looks into the trophies that could be won and persisting gaps haunting local logistics operators.


Ashenafi EndaleMarch 15, 2021
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1min1580

Daniel Zemichael, a father of three, is Founder and CEO of Freighters International, one of the biggest private shipping companies in Ethiopia. Established 35 years ago with ETB100,000 in capital, and growing to its current ETB20 million; Freighters International is the exclusive agent for Maersk, a Danish shipping company active in ocean and inland freight transportation. EBR sat down with the logistics guru, to converse on the expected impacts of recent governmental moves to allow foreign companies to own a minority stake in local logistics companies amongst other topics.



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