Daily News – Page 34 – Ethiopian Business Review

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.

The Cooperative Bank of Oromia is celebrating its 20th anniversary with a strong track record of financial growth and economic impact. Since its establishment on March 8, 2005, the bank has expanded its reach and influence, playing a key role in Ethiopia’s financial sector. With over 14.5 million customers and more than 15,000 employees, it has positioned itself as a major financial institution driving inclusive banking and digital innovation.

The bank has disbursed over ETB 18.4 billion in collateral-free digital loans through Michu digital loan, benefiting more than 1.2 million account holders. These loans have enabled small businesses to expand, create jobs, and improve service accessibility. Some entrepreneurs have secured loans exceeding ETB 2 million, helping them scale their businesses from home-based operations to fully established commercial ventures. This initiative has strengthened Ethiopia’s micro and small business sector, offering financial solutions to those previously underserved by traditional banking.

Coopay e-Birr, the bank’s mobile wallet service, has processed transactions worth ETB 2.6 trillion, making it the third-largest mobile financial service provider in Ethiopia. It has surpassed private banks in digital transactions, showcasing the bank’s success in driving financial inclusion through technology. Its digital-first approach has led to the creation of Ethiopia’s only dedicated banking innovation center, where cutting-edge solutions continue to improve financial accessibility.

Beyond its financial services, the bank remains committed to social responsibility. As part of its 20th-anniversary celebration under the theme 20 for 20th Anniversary Celebration, it has launched nationwide initiatives, including blood donation drives, environmental clean-up campaigns, visits to charitable institutions, and Ramadan events for customers in various cities. The bank has also organized hackathons to encourage innovation and continues to gather customer feedback to refine its services.

In tandem with this, Cooperative Bank has launched an incubation center with the vision of becoming a hub of innovation and knowledge. The center is designed using local expertise and resources, reflecting the community’s strengths. Among its unique features is the Soof Omar Knowledge Cave, a space where employees focus deeply in a serene, natural environment in the heart of Bole, Addis Ababa. The center aims to foster ideas that will benefit future generations. “The center celebrates the cultural and historical richness of Ethiopia, drawing inspiration from figures like King Abba Jifar, King Kawo Tona, and King Fasiledes, and embodies the diverse cultures of Ethiopia’s people,” said Deribie Asfaw, CEO of Cooperative Bank of Oromia.

A key highlight of the celebration is the honoring of Sinqe Branch on International Women’s Day, a groundbreaking initiative within the Cooperative Bank of Oromia. Fully operated by women, Sinqe Branch is named after Siinqee, a traditional women’s rights system central to the Geda system. To mark International Women’s Day, the bank is hosting a special event at the Sinqe branch, where female leaders will come together to celebrate and discuss women’s empowerment in the financial sector. This initiative underscores the bank’s ongoing commitment to gender equality and inclusive economic development.

The Cooperative Bank of Oromia was founded to address the financial needs of cooperatives and rural communities. Over the past two decades, it has expanded to every corner of the country, bringing banking services to areas with limited infrastructure. By scaling up collateral-free loans, pioneering digital finance, and investing in technology-driven solutions, the bank has positioned itself as a leader in Ethiopia’s financial sector.
As the bank celebrates this milestone, it remains focused on its core mission: empowering communities, driving economic growth, and redefining banking accessibility.

Ethiopian Maritime Transport and Logistics (EMTL) has unveiled a major expansion plan, announcing the purchase of six new cargo ships to enhance the country’s trade capacity and reduce reliance on foreign vessels.

As part of this initiative, two state-of-the-art Ultramax dry bulk carriers, each with a carrying capacity of 62,000 tons, will soon be operational, significantly increasing Ethiopia’s ability to handle imports and exports. The remaining four ships are set to be acquired in the coming years, further reinforcing Ethiopia’s maritime sector.

With Ethiopia currently operating a fleet of 10 ships, this expansion marks a strategic move toward strengthening the nation’s logistics capabilities. By increasing shipping efficiency and securing greater control over cargo transport, EMTL aims to lower costs, improve trade flows, and support economic growth.

This investment aligns with Ethiopia’s broader vision of developing its maritime infrastructure to compete on a global scale. The addition of these vessels is expected to ease logistics challenges and enhance the country’s connectivity to international markets.

In a major boost to Ethiopia’s transportation and logistics sector, the Ethiopian Electric Utility (EEU) has successfully installed a dedicated power line for the Ethio-Djibouti Railways’ rolling stock, mechanical workshop, and freight yard. This critical infrastructure upgrade enhances the railway’s efficiency, ensuring smooth operations for the country’s most vital trade corridor.

The Ethio-Djibouti Railway handles the majority of Ethiopia’s imports and exports, making uninterrupted power supply essential for 24/7 logistics. The new connection reduces delays, improves productivity, and strengthens Ethiopia’s supply chain. Businesses relying on the railway for trade can now expect greater service reliability, contributing to economic growth.

Takele Uma, CEO of Ethio-Djibouti Railways, praised EEU CEO Engineer Getu Geremew and their teams for swiftly executing the project. This collaboration between Ethiopia’s power and transport sectors highlights effective coordination in infrastructure development.

In a powerful statement made on March 7, 2025, during a press briefing on the sidelines of China’s National People’s Congress, Chinese Foreign Minister Wang Yi urged the global community to listen to Africa, understand its concerns, and support its pursuit of a new, self-chosen path to development. Wang’s remarks come at a time when Africa is increasingly asserting its right to shape its own future, free from foreign-imposed models that have long failed to deliver prosperity.

“Imposed foreign models have failed to bring lasting prosperity to Africa,” said Wang. “It’s time the world recognizes Africa’s right to choose its own development course.” This message resonates strongly with Ethiopia, a key African partner in China’s global strategy. Ethiopia, with its ambitious economic reforms and transformative projects, embodies the very spirit of self-strengthening that Wang called for.

China’s relationship with Ethiopia has flourished over the years, with extensive cooperation in infrastructure development, trade, and investment. The construction of the Addis Ababa-Djibouti Railway and the expansion of industrial zones are just some of the milestones in this growing partnership.

Wang Yi’s comments also highlighted the upcoming in-person Forum on China-Africa Cooperation (FOCAC) summit, scheduled for autumn 2025. This year marks the 25th anniversary of the FOCAC. Over the past quarter-century, China’s collaboration with Africa has resulted in tangible, far-reaching outcomes. Nearly 100,000 kilometers of roads and more than 10,000 kilometers of railways have been built and upgraded across the continent. In the last three years alone, Chinese enterprises have created over 1.1 million jobs in Africa, reinforcing China’s position as Africa’s largest trading partner for 16 consecutive years.

“The benefits of China-Africa cooperation are visible and tangible to our African brothers and sisters,” Wang remarked. He further highlighted that Africa represents “a fertile land of hope” for the 21st century. “There will be no global modernization without African modernization,” he declared.

Wang also pointed out that this year’s G20 Summit will be held on the African continent for the first time, further acknowledging the rising significance of Africa in global governance. China, he emphasized, firmly supports South Africa in fulfilling its role as the G20 chair and ensuring a distinct African imprint on global decision-making.

In a major step towards expanding Ethiopia’s global trade connections, the Pakistan-Ethiopia Business Forum was successfully held at the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Regional Office in Lahore. Organized in collaboration with the Ethiopian Embassy, the forum brought together senior officials and business leaders to explore investment opportunities between the two nations.

The event was presided over by HE Dr. Jemal Beker Abdulla, Ethiopia’s Ambassador to Pakistan and Special Envoy, alongside high-ranking representatives from Pakistan’s Ministry of Commerce, the Trade Development Authority of Pakistan (TDAP), and FPCCI officials. Notably, 26 business chambers from Punjab participated, highlighting the strong interest in Ethiopia as a key trade partner in Africa.

Addressing the gathering, Ambassador Jemal Beker emphasized Ethiopia’s strategic position as Africa’s business gateway, inviting Pakistani businesses to take advantage of the country’s vast economic opportunities. He outlined Ethiopia’s homegrown economic reforms, which have significantly improved the business climate, particularly in agriculture, manufacturing, mining, tourism, and ICT.

“The business community of Pakistan has a unique opportunity to invest in Ethiopia, benefiting from cheap, clean, and green energy, a large and skilled workforce, and unmatched connectivity to Africa and beyond,” the Ambassador stated. He also underscored Ethiopia’s role as a member of the African Continental Free Trade Area (AfCFTA), making it easier for investors to access Africa’s 1.4 billion consumers.

A major highlight of the discussion was the growing role of Ethiopian Airlines in bridging the economic ties between Africa and Pakistan. Ambassador Jemal Beker noted that Ethiopian Airlines has already launched flights from Addis Ababa to Karachi, with operations from Lahore expected to start soon. This expansion will facilitate smoother trade and investment flows, positioning Ethiopia as the preferred African hub for Pakistani businesses.

The forum also focused on the upcoming 5th Pakistan-Africa Trade Development Conference (PATDC) and Single Country Exhibition (SCE), set to take place in Addis Ababa in May 2025. The Ambassador urged Pakistani businesses to participate, stressing that these events will enhance bilateral trade and open new investment opportunities.

Senior officials, including TDAP Director General Abdul Karim Memon and FPCCI’s Pakistan-Ethiopia Business Council Chairman Ibrahim Khalid Tawab, reaffirmed their commitment to strengthening economic relations with Ethiopia. Manzoor Ul Haq Malik, Former Regional Chairman of FPCCI, praised Ethiopia’s leadership in fostering economic cooperation and assured continued engagement from Pakistan’s private sector.

Source: Business Recorder

The National Bank of Ethiopia’s (NBE) latest foreign currency auction has sparked confusion among industry stakeholders after concluding at a significantly higher rate than the prevailing market price. While the USD exchange rate stood at ETB 124.0086 on the market, the auction saw USD60 million sold at an average rate of ETB 135.62 per dollar. This unexpected outcome has raised concerns about its impact on the broader market.

A financial expert close to the banking sector explained that for banks, participating in the auction is often their only option to secure the foreign currency needed to cover essential expenses. He noted that NBE holds these auctions to manage forex distribution and stabilize market fluctuations.

In a recent policy shift, NBE has transferred a significant portion of fuel import-related forex responsibilities to commercial banks. Fuel imports require large sums of foreign currency, which could strain reserves. “With payment deadlines for fuel imports approaching, banks likely raised their bids to ensure they could meet their obligations,” the expert said.

Smaller banks also participated aggressively, bidding at higher rates. “They prefer the auction as it offers a better deal compared to purchasing from larger banks, which often charge high commissions,” he added.

A seasoned economist highlighted the uncertainty surrounding future auctions, which has led banks to maximize their forex purchases whenever possible. While acknowledging the auction system’s benefits, he cautioned that the latest auction’s near ETB 136 per USD rate could exert inflationary pressure on the economy. “Exporters may withhold their goods, anticipating further depreciation of the ETB and higher profits in future auctions,” he warned.

According to NBE, 27 banks participated in the auction. Sources indicate that only 12 banks secured foreign currency, with winning bids ranging from a minimum of ETB 130 to a maximum of ETB 141 per dollar. Notably, a single bank reportedly obtained just USD200,000 at the highest rate of ETB 141 per dollar.

Source: The Reporter

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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

Cooperative Bank of Oromia Celebrates 20th Anniversary with ETB 18.4 Billion in Digital Loans

Ethiopia Bolsters Maritime Fleet with Six New Cargo Ships

Ethio-Djibouti Railway Strengthens Trade Corridor with Electricity Upgrade

China Calls for Global Support of Africa’s Self-Driven Development Path

Ethiopia Woos Pakistani Businesses with Green Energy & African Market Access

NBE’s Auction Wraps Up: Why Banks Are Rushing to Secure USD?