Mintesinot Nigussie Asfaw – Page 2 – Ethiopian Business Review

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Ethiopian Investment Holdings (EIH) has appointed three distinguished leaders to its Board of Directors: Dr. Fitsum Assefa, Minister of Planning and Development; Hanna Arayaselassie, Minister of Justice; and Dr. Zeleke Temesgen, Commissioner of the Ethiopian Investment Commission (EIC).

Their collective experience is poised to drive forward Ethiopia’s ambitious agenda of strategic investments and dynamic portfolio management—key pillars for sustainable economic growth.

As EIH continues to play a pivotal role in shaping the country’s investment landscape, the inclusion of these influential figures will enhance its capacity to mobilize resources, foster innovation, and unlock new opportunities that align with Ethiopia’s long-term development goals.

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The world’s third-largest automaker, China’s Guangzhou Automobile Group (GAC Group), has entered talks with Ethiopian authorities about the feasibility of producing EVs in the country.

During a high-level meeting held in Addis Ababa, GAC Group Chairman Feng Xingya and his delegation held discussions with Ethiopia’s Minister of Transport and Logistics, Alemu Sime (PhD). The two parties explored potential collaboration areas in green automotive manufacturing and technological investment, signaling the beginning of what could be a game-changing industrial partnership.

The discussion aligns with Ethiopia’s growing ambition to position itself as a hub for electric mobility in Africa. The government has already banned the import of fossil-fueled vehicles, allowing only electric cars into the country—a bold policy shift that opens doors for large-scale manufacturing and assembly.

The government’s commitment goes beyond regulation. Speaking at a recent launch event, the State Minister of Transport and Logistics, Bareo Hassen, announced that Ethiopia will offer comprehensive support to EV suppliers and investors. This includes facilitating land access, customs clearance, and building nationwide EV charging infrastructure.

Huajian Industry, which has previously invested in Ethiopia’s manufacturing sector, has launched a program to introduce a new EV model. The program is expected to enable the company to supply products to GAC Group, further signaling potential collaboration within the sector.

Speaking at the event, Bareo noted that the arrival of such companies enhances trade relations between Ethiopia and China. He emphasized that the government would continue supporting the growth of the electric vehicle sector, including expanding the construction of EV charging stations across the country.

“Products introduced to the market are suitable for our climate,” said the Minister, underlining the importance of aligning innovation with local needs.

Ethiopia is also rolling out large-scale infrastructure to support the growing EV population. Charging stations are under construction across major highways and cities, laying the groundwork for a modern, sustainable transport system.

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Cooperative Bank of Oromia (Coopbank) has achieved what its CEO described as an “unbelievable” milestone in expanding women’s access to finance, disbursing ETB 24.5 billion to 1.47 million loan accounts, 80% of which are held by women.

The announcement was made by CEO Derbie Asfaw during a panel discussion under the theme “Promoting Women’s Access to Finance” at the Ethiopia Finance Forum 2025, an event that brought together key stakeholders in the financial sector to address gender disparities and promote inclusive growth.

A major contributor to this achievement is Coopbank’s women-focused loan platform, Michu Kiya, which was launched just eight months ago. Since its introduction, the platform has disbursed ETB 7.3 billion to over one million accounts, signaling rapid uptake and a significant demand for targeted financial services among women.

“This is unbelievable for me,” said Derbie. “At Coopbank, we believe innovation isn’t just a tech solution, and financial inclusion isn’t a compliance box—both are part of our purpose to empower communities and transform lives.”

The milestone comes as Coopbank celebrates 20 years of operation, having grown into a ETB 189.4 billion financial institution. Over two decades, the bank has carved out a strong reputation for inclusive banking, now serving 17 million customers across Ethiopia.

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The Ethiopian Agricultural Works Corporation has announced that nearly 12 million quintals of fertilizer have already arrived at the port of Djibouti. Of this, more than 11.2 million quintals have been imported and distributed to farmers and semi-pastoralist communities across the country.

According to the Corporation, the latest shipment—carrying 550,000 quintals of Di-Ammonium Phosphate (DAP) fertilizer—docked at the port of Djibouti on the morning of May 10, 2025. The delivery is part of Ethiopia’s broader fertilizer procurement plan for the upcoming crop season, which targets the import of 24 million quintals of fertilizer sourced through international competitive bidding.

The Corporation reported that, as of May 10, a total of 11,964,181 quintals of fertilizer have arrived at the port, with 11,228,142 quintals already cleared and distributed via agricultural cooperatives. This early delivery underscores the government’s commitment to addressing the timely availability of inputs critical to Ethiopia’s predominantly agrarian economy.

Since its establishment, the Ethiopian Agricultural Works Corporation has overseen fertilizer imports in line with national demand assessments conducted annually by the Ministry of Agriculture. The process involves strategic international procurement to ensure that adequate supplies reach farming communities ahead of peak planting periods.

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Three of the country’s state-owned financial institutions—the National Bank of Ethiopia (NBE), the Commercial Bank of Ethiopia (CBE), and the Development Bank of Ethiopia (DBE) have jointly launched the Financial Sector Strengthening Project (FSSP), a USD700 million initiative financed by the World Bank.

The project’s first disbursement, amounting to USD250 million, was transferred today to the Commercial Bank of Ethiopia , signaling the operational kickoff of the reform agenda.

Announced during the Ethiopia Finance Forum, the FSSP is aimed at enhancing the resilience, inclusiveness, and functionality of Ethiopia’s financial sector. It focuses on regulatory reform, institutional capacity building, and expanding access to finance—particularly for underserved communities and high-impact sectors such as agriculture and manufacturing.

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The Ethiopia Finance Forum 2025 officially opened yesterday at the Museum of Art and Science in Addis Ababa, gathering over 150 financial institutions, senior policymakers, and international experts to deliberate on the future of Ethiopia’s financial landscape.

During a high-profile panel on “Financial Inclusion and Deepening: Progress So Far and Priorities Ahead,” Abe Sano, President and CEO of the Commercial Bank of Ethiopia (CBE), offered a frank assessment of the bank’s efforts to broaden access to finance.

“Access to finance is something we should have done more about—especially for underserved communities,” Sano admitted. “We have long focused on empowering state-owned enterprises and major business clients, but we recognize the need to do more for individuals and MSMEs.” The CBE has yet to establish a presence in 270 woredas across the country.

Abe emphasized that while CBE currently serves about 140,000 personal borrowers and only 10,000 under commercial finance, the bank has financed over 782,000 customers with ETB 8.8 billion through digital channels. He added that CBE is not detached from digital transformation efforts like Telebirr: “We’re financiers behind those platforms as well.”

Notably, Abe highlighted the bank’s recent digital financing initiative for farmers, which has onboarded more than 927,000 users in Oromia and disbursed ETB 14 billion in loans. In the housing sector, CBE financed 349,000 condominium units worth ETB 112 billion. However, he conceded that support for micro and small businesses remains limited, with just 9,000 MSME borrowers. “That’s an area we need to scale up significantly,” he stated.

On the savings front, CBE’s outreach to women has seen considerable success. “We now have over 8 million women savers, holding ETB 145 billion in deposits,” Sano revealed.

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Wegagen Capital Investment Bank has made history as the first investment bank in Ethiopia to receive a Trading Membership Certificate from the Ethiopian Securities Exchange (ESX). The recognition reinforces its earlier licensing by the Ethiopian Capital Market Authority (ECMA), confirming Wegagen’s role as a pioneer in the country’s nascent capital market.

The certification ceremony brought together prominent leaders from Ethiopia’s financial sector, including Hana Tehelku, Director General of ECMA; Dr. Tilahun Esmael Kassahun, CEO of ESX; Sunil Benimadhu, CEO of the Mauritius Stock Exchange; and Brutawit Dawit Abdi, CEO of Wegagen Capital. Their presence underscored the significance of this moment for Ethiopia’s financial future.

In a statement shared on social media, Wegagen Capital described the Trading Membership Certificate as a symbol of trust, integrity, and operational excellence. The bank emphasized that the recognition reflects its commitment to upholding the standards of both ECMA and ESX, and to playing a leading role in fostering a transparent, liquid, and inclusive capital market in Ethiopia.

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The European Investment Bank (EIB) and the National Bank of Ethiopia (NBE) have signed a Memorandum of Understanding (MoU) aimed at strengthening collaboration in support of Ethiopia’s green and sustainable development ambitions.

The agreement, signed by Deputy Governor of the NBE, Solomon Desta, and Leyla Traoré, the EIB’s Representative for Ethiopia and the African Union, marks a key milestone in deepening the relationship between the two institutions.

Deputy Governor Solomon emphasized that the MoU is a significant step toward fostering greater cooperation and aligning efforts to build a more inclusive and environmentally resilient economy. He noted that the EIB’s commitment will play a pivotal role in Ethiopia’s transition toward a greener future.

Leïla Traoré highlighted the country’s progress in the green development agenda and commended Ethiopia’s leadership in this area. She also reaffirmed the EIB’s readiness to continue supporting Ethiopia’s climate-focused reforms and sustainable finance initiatives.

The MoU builds on high-level discussions held in April between Ethiopia’s Finance Minister, Ahmed Shide, and EIB Vice President Ambroise Fayolle. Those talks focused on expanding collaboration across vital sectors. The EIB expressed interest in financing Ethiopia’s planned new international airport—a critical infrastructure project poised to enhance connectivity and economic growth.

The Ministry of Transport and Logistics, in partnership with Ethio telecom, has officially launched three national digital systems: the Cross-Country Public Transport Service System, the Integrated Fuel Supply System Solution, and the National Traffic Point-Based Penalty Management System.

These comprehensive platforms are designed to significantly enhance Ethiopia’s transport infrastructure, modernise public service delivery, and foster transparency across the fuel and traffic management chains.

The Cross-Country Public Transport Service System introduces a unified digital framework for managing bus ticketing, licensing, compliance, and payments. Travellers can now book and pay for tickets using their mobile phones, in multiple local languages including English, via platforms such as telebirr and other financial institutions. This solution is set to reduce delays, prevent fraud, improve data transparency, and enhance the overall efficiency of public transport nationwide.

The Integrated Fuel Supply System Solution enables fuel stations across the country to accept payments from all banks and wallets, offering real-time data integration for government oversight. By connecting all financial institutions with a central fuel management system, it improves market control, curbs illicit fuel trade, and ensures accountability from distribution to retail. Drivers can now refuel anywhere in Ethiopia using their preferred digital payment method.

The National Traffic Point-Based Penalty Management System digitises the enforcement of traffic laws, replacing outdated manual systems. It facilitates centralised recording of driver data, tracks infractions through a point-based mechanism, and streamlines penalty payments. This modern system is expected to promote safer roads, improve legal compliance, and support policymaking with reliable data. It also reduces the administrative burden on regional transport offices and supports integration via Ethio telecom’s TeleCloud without additional infrastructure investment.

Ethio telecom emphasised that the systems were developed by local private software developers and feature full API integration for interoperability with financial institutions.

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Ethiopia has recorded its highest-ever coffee export revenue, with the sector generating USD 1.868 billion over the past ten months of the current fiscal year — a historic milestone for the nation’s most iconic export.

The Ethiopian Coffee and Tea Authority announced today that 354,302 tonnes of coffee were exported during the period, exceeding the national target by 147% in volume and 142% in revenue. This performance surpasses all previous annual records in the country’s export history.

According to Dr Adugna Debela, Director General of the Authority, the figures represent an increase of 70% in volume and 87% in revenue compared to the same period last fiscal year. The sector exported 145,316.3 more tonnes, generating an additional USD 869.13 million, reflecting both growing global demand and Ethiopia’s enhanced export capacity.

Dr Adugna highlighted that Germany, Saudi Arabia, and the United States ranked as the top three destinations for Ethiopian coffee exports during the reporting period. Germany imported 61,239 tonnes, contributing USD 295 million (17% of total revenue), followed closely by Saudi Arabia with 60,182 tonnes valued at USD 290.7 million (20%), and the United States with 28,299 tonnes accounting for USD 192 million (10%).

“This outstanding achievement is the result of a well-coordinated national effort,” said Dr Adugna. “From farmers and cooperatives to exporters, regional authorities, and federal institutions — all stakeholders played a vital role. We are deeply grateful for their commitment and determination.”

He further expressed optimism that the final two months of the fiscal year will build upon this momentum, reinforcing Ethiopia’s status as a world leader in premium coffee production.

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Ethiopian Investment Holdings Appoints Three Senior Leaders to Board

Global Auto Giant GAC Eyes Ethiopia for EV Manufacturing as Government Boosts Sector Support

Coopbank CEO Hails ‘Unbelievable’ Milestone in Women’s Financial Inclusion

Ethiopia Imports Over 11 Million Quintals of Fertilizer Ahead of 2024/25 Crop Season

Three State-Owned Banks Unite for USD700M Financial Sector Reform

CBE’s Abe Sano Admits Gaps in Financial Inclusion, Highlights Billions in Strategic Lending

Wegagen Capital Becomes Ethiopia’s First ESX Trading Member

EIB and National Bank of Ethiopia Sign MoU to Boost Sustainable Development

Ethiopia Unveils Nationwide Digital Systems to Transform Transport, Fuel and Traffic Management

Ethiopia Breaks Coffee Export Record, Earning USD 1.87 Billion