Mintesinot Nigussie – Page 23 – Ethiopian Business Review

The Ethiopian Capital Market Authority (ECMA) has issued a stern warning to the public about the existence of an unauthorized entity operating under the name Takilo “Investment Bank.” The entity falsely claims to be Ethiopia’s first investment bank providing capital market services, yet it is doing so without the required license, violating both national regulations and investor protection laws.

ECMA has made it clear that Takilo “Investment Bank” has not been granted the necessary license to operate as an investment bank or to offer any capital market services in Ethiopia, as mandated by the Capital Market Service Providers Licensing and Supervision Directive No. 980/2024. The entity is, therefore, operating illegally and is not authorized to engage in any capital market activities.

In accordance with the Capital Market Proclamation No. 1248/2021 and the licensing directive, only entities that are fully registered and regulated by ECMA are allowed to provide capital market services within the country. As a result, ECMA is urging all individuals and businesses to avoid engaging with Takilo “Investment Bank” or any similar entity that lacks proper authorization.

Engaging with these unauthorized providers poses a significant risk to investors, as they are not subject to regulatory oversight that ensures market integrity and protects investor interests. ECMA strongly advises the public to verify the licensing status of any capital market service provider before entering into any agreements or investments.

The authority also calls on the public to remain vigilant, exercise caution, and conduct thorough due diligence to protect themselves from fraudulent activities.

The Ethiopian Investment Board has convened at the Ethiopian Investment Commission (EIC) headquarters today, reviewing ongoing initiatives and making key investment-related decisions.

Among the critical agendas discussed was a proposal from a private investor seeking approval to establish a multi-sector special economic zone with an initial capital investment exceeding $78 million. Following extensive deliberations, the board approved the request and officially designated the project as a multi-sector special economic zone, paving the way for immediate implementation.

In addition to this decision, the board also addressed matters related to the zone’s design, land allocation, and usage, reinforcing its commitment to streamlining investment procedures.

According to the Ethiopian Investment Commission, the board remains dedicated to fostering a competitive and investor-friendly business environment and will continue strengthening its support to the Commission.

The National Bank of Ethiopia (NBE) and the Ethiopian Securities Exchange (ESX) have signed a landmark Memorandum of Understanding (MoU) to enhance the governance and transparency of Ethiopia’s interbank money market using the ESX trading platform.

H.E. Mamo Mihretu, Governor of NBE, emphasized the crucial role of this initiative in modernizing financial markets, improving liquidity, and strengthening monetary policy transmission.

Since its launch in October 2024, the platform has facilitated transactions exceeding 377 billion ETB, marking a significant leap in Ethiopia’s financial sector development. The agreement sets the foundation for enhanced cooperation, risk mitigation, and market integrity, ensuring that the interbank money market operates with efficiency and confidence.

As Ethiopia deepens its financial sector reforms, this collaboration is expected to enhance market confidence, promote transparency, and drive financial stability, positioning Ethiopia as an emerging player in regional capital markets.

The U.S. Department of State has issued an updated travel advisory for Ethiopia, maintaining a Level 3 status—”Reconsider Travel.” This level indicates that the country presents significant risks that travelers should carefully consider before making travel plans. The U.S. government uses a tiered system to categorize countries based on their safety for U.S. citizens, with the advisory levels ranging from 1 to 4.

Level 1, “Exercise Normal Precautions,” is assigned to countries considered generally safe for travel. In these countries, U.S. citizens are advised to stay aware of their surroundings and take basic safety precautions. Countries with a Level 1 status typically experience stable political situations, low crime rates, and minimal health risks.

Level 2, “Exercise Increased Caution,” is issued when there are specific concerns in a country, such as political instability or heightened crime rates, but these factors do not pose an immediate threat to travelers. While these countries are still generally safe, travelers are encouraged to remain informed and avoid specific regions where risks may be present.

Ethiopia’s travel advisory falls under Level 3, “Reconsider Travel,” due to ongoing security risks. The U.S. Department of State highlights concerns over armed conflict and civil unrest in regions like Amhara and parts of Oromia, where clashes between government forces and local militias have caused instability. There are also concerns about crime, including kidnappings, in areas such as Gambela and Benishangul Gumuz. Additionally, border areas with Eritrea, Sudan, and Somalia are flagged due to potential threats from terrorism and landmines.

Countries placed under Level 4, “Do Not Travel,” are considered extremely dangerous, and the U.S. government advises against all travel to these locations. This level is reserved for countries experiencing active armed conflict, widespread violence, or serious health crises that pose significant risks to travelers.

While Ethiopia remains under a Level 3 advisory, officials have repeatedly criticized these warnings, arguing that they misrepresent the current situation and harm the country’s tourism industry.

In a groundbreaking move to elevate Ethiopia’s agricultural exports, the Industrial Parks Development Corporation (IPDC) and Africa Farming Industries (AFI) have signed a Memorandum of Understanding (MoU) that paves the way for large-scale production and export of strawberries and saffron—two of the world’s most lucrative agricultural commodities.

The USD2 million investment, to be established in Bole Lemi Special Economic Zone (SEZ), marks a strategic shift in Ethiopia’s ambition to become a global leader in high-value horticulture. By introducing AI-driven precision farming, climate-controlled hydroponics, and sustainable agricultural practices, AFI is set to revolutionize the sector and position Ethiopia as a premier supplier to international markets.

“Our investment is more than just farming—it’s about positioning Ethiopia on the global map as a producer of premium strawberries and saffron,” said Nassour Mahamat, CEO & Chairman of AFI. “We are bringing cutting-edge technology, sustainable practices, and an export-driven strategy that will benefit both local communities and international consumers.”

Dr. Feseha Yitagesu, CEO of IPDC, emphasized the innovative nature of the partnership, noting that this is the first time the corporation is facilitating such an investment. He underscored that the initiative aligns with Ethiopia’s vision of modernizing its agricultural sector, enhancing exports, and attracting foreign direct investment. “We are fully committed to supporting this project to ensure its success and long-term impact,” he assured.

As a subsidiary of Pluton Invest, AFI has gained prominence since its establishment in Chad in 2020. The company’s AI-powered vertical farming model will enable year-round production, high yields, and strict quality control, ensuring Ethiopia meets the stringent standards of international buyers.

The Tanzanian government has justified its decision to import electricity from Ethiopia through Kenya, highlighting its potential to enhance energy efficiency and address chronic power shortages in the Northern Zone. These outages have led to annual economic losses exceeding Sh32 billion.

Speaking in Kilimanjaro at the inauguration of a water project, President Samia Suluhu Hassan acknowledged public concerns but reassured citizens that the decision was carefully evaluated. She explained that transmitting electricity from the South-Eastern region to the Northern Zone has resulted in substantial energy losses, making the local supply unreliable. Importing power from Ethiopia, she emphasized, offers a more stable and cost-effective alternative.

Government Spokesperson Gerson Msigwa later reinforced this stance, noting that Tanzania’s existing transmission system struggles with long-distance energy losses, contributing to frequent outages. He added that sourcing electricity from Ethiopia via Kenya will help mitigate these challenges and strengthen grid reliability.

The government also pointed out that importing electricity is not a new approach, as Tanzania has previously sourced power from neighboring Zambia, Uganda, and Kenya to supply its border regions. Additionally, the country is positioning itself to participate more actively in regional power trade, including future electricity exports. This aligns with commitments made during the recent Energy Summit in Dar es Salaam, where East African leaders pledged to enhance cross-border energy cooperation.

Source: MOPAWA

Ethiopian Airlines, Africa’s largest carrier and one of the fastest-growing airline brands globally, has celebrated International Women’s Day with a remarkable showcase of female leadership in aviation. The grand celebration, held at Skylight Hotel, brought together esteemed government officials, distinguished guests, and top executives of the airline.

A highlight of the event was the launch of all-women-operated flights, covering every aspect of the journey—from catering and maintenance to check-in, lounge services, and flight operations. These special flights departed from Addis Ababa to Bahir Dar, Athens, Delhi, Dubai, Windhoek, and São Paulo, demonstrating Ethiopian Airlines’ unwavering commitment to gender equality in the aviation industry.

Speaking at the event, Ethiopian Airlines CEO Mesfin Tasew reaffirmed the airline’s dedication to fostering diversity and inclusion. “We are thrilled to celebrate International Women’s Day, as we do every year at Ethiopian Airlines. As an employer of choice, we are committed to empowering women across all sectors of aviation. Today, we honor their remarkable contributions while inspiring future generations to pursue their dreams without limitations,” he said.

Currently, women constitute around 40% of Ethiopian Airlines’ workforce, holding key roles as cockpit crew, cabin crew, aircraft technicians, commercial staff, and managers. Their contributions have been instrumental in the airline’s growth and success.

Beyond celebrating women’s achievements, Ethiopian Airlines’ signature all-women-operated flight program aligns with the global call for gender equality. It highlights the importance of supporting and recognizing female leaders in aviation and beyond, reinforcing the message that breaking barriers in traditionally male-dominated fields is not just possible but necessary.

In a concerted effort to improve maritime safety and security in the southern Red Sea and Gulf of Aden, maritime authorities and rescue coordination centers are ramping up regional collaboration with the support of the International Maritime Organization (IMO). A recent Regional Search and Rescue (SAR) Workshop held in Mombasa, Kenya, from February 24-28, 2025, focused on enhancing the search and rescue capabilities of countries in the region, including Ethiopia, as they work together to tackle maritime challenges.

The workshop brought together 17 officers, radiocommunication experts, marine engineers, and Port State Control officers from Djibouti, Ethiopia, Somalia, Sudan, and Yemen to discuss best practices, challenges, and the latest developments in SAR operations. Among the key topics were advancements in SAR procedures, modern equipment, and updates to the International Convention for the Safety of Life at Sea (SOLAS) regulations, specifically the modernization of the Global Maritime Distress and Safety System (GMDSS), which incorporates new mobile satellite services.

Ethiopian representatives at the workshop actively participated in discussions aimed at strengthening coordination in maritime rescue operations across the region, reinforcing the country’s commitment to improving its maritime safety standards. This workshop is part of the EU-funded Red Sea Project, which partners IMO with the United Nations Office on Drugs and Crime (UNODC), INTERPOL, and IGAD to support the capacity-building efforts of participating countries.

The initiative is aligned with Africa’s 2050 Integrated Maritime Strategy (AIMS), which aims to enhance regional cooperation, ensure maritime domain awareness (MDA), and promote safer, more secure maritime activities in the Red Sea and surrounding areas. By strengthening the capacities of port and land-based law enforcement authorities, the Red Sea Project ensures Ethiopia and its neighbors are better prepared to implement global maritime safety and security standards, ultimately fostering a more unified and secure maritime environment.

Despite Ethiopia’s increasing exposure to seismic activity, the country’s insurance sector remains dangerously underdeveloped in covering earthquake-related risks. With tremors occurring more frequently and infrastructure already showing signs of vulnerability, experts warn that failing to act could leave businesses and homeowners facing devastating financial losses.

Speaking to DW, Dr. Isaias Gebreyohannes, a civil and environmental engineering expert at Addis Ababa University, pointed out a major flaw in Ethiopia’s approach to earthquake preparedness. While building codes exist to mitigate seismic risks, gaps in compliance, poor design, and substandard construction practices have made many structures susceptible to damage. He warned that while recent earthquakes have been of low magnitude, their frequency is increasing, and the lack of insurance coverage is a serious concern.

Insurance industry leaders echo this warning. Habtamu Debela, Director of the Ethiopian Office of the African Reinsurance Corporation, also told DW that Ethiopia’s insurance market has lagged behind in offering earthquake coverage. Unlike other countries where governments have mandated such policies, Ethiopia lacks the necessary regulatory framework to drive insurance adoption. As a result, businesses, homeowners, and even public institutions remain financially exposed.

For a country that seeks to position itself as a regional economic hub, this is a glaring vulnerability. Infrastructure investments, real estate development, and business continuity all depend on risk mitigation measures, and insurance is a critical pillar. Without it, the financial burden of a major earthquake would fall entirely on property owners and the government, straining public resources and slowing economic recovery.

As part of its 20th-anniversary celebrations, the Cooperative Bank of Oromia has launched “Project 20 for 20”, a 20-day initiative focused on making a tangible impact in communities across Ethiopia. The campaign has already mobilized 4,000 employees from the bank’s headquarters, districts, and branches to take part in various social and environmental activities.

One of the key highlights was a grand environmental clean-up near the Rwandan Embassy in Addis Ababa, underscoring the bank’s commitment to sustainability. Deribie Asfaw, CEO of the Cooperative Bank of Oromia, emphasized the significance of the initiative, stating: “As a bank rooted in community empowerment, we are proud to support national efforts that drive sustainable development. We have been donating blood at branches across the country because blood is the most valuable gift we can give. Today, we are gathered in front of the corridor development project to beautify our surroundings, and this effort will continue in the coming days nationwide.”

Beyond environmental efforts, Project 20 for 20 includes a series of corporate social responsibility (CSR) activities such as blood donation drives, support for charitable institutions, and Ramadan events for customers in various cities.

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ECMA Warns Public Against Fraudulent “Takilo Investment Bank” Operating Without License

Ethiopian Investment Board Greenlights $78 Million Multi-Sector Special Economic Zone

NBE and ESX Forge Strategic Partnership to Strengthen Ethiopia’s Interbank Money Market

Ethiopia Among 23 Countries Listed as High-Risk Travel Destinations by the US Government

AI-Powered Farming Set to Transform Ethiopia’s Agricultural Sector

Tanzania to Import Ethiopian Electricity via Kenya

Ethiopian Airlines Elevates Women in Aviation with Historic All-Women Flight Operations for International Women’s Day

Ethiopia Takes Key Steps in Enhancing Maritime Security in the Red Sea

Ethiopia’s Economic Future at Risk as Earthquake Insurance Remains Neglected

Coop Bank’s ‘Project 20 for 20’ Mobilizes Thousands for Community Change