@EIB – Ethiopian Business Review

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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.

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The European Investment Bank (EIB) is considering financing Ethiopia’s planned new international airport, a move that signals deepening engagement in the country’s infrastructure ambitions. The announcement followed a high-level meeting between Ethiopia’s Finance Minister Ahmed Shide and EIB Vice President Ambroise Fayolle, where both sides reaffirmed their commitment to intensify development and investment cooperation.

During the discussion, Minister Ahmed Shide expressed appreciation for the EIB’s sustained backing of Ethiopia’s priority areas, particularly SME financing, water and sanitation, and women’s entrepreneurship development. These sectors are widely seen as pivotal to the country’s economic and social transformation.

Fayolle reaffirmed the Bank’s commitment to supporting Ethiopia’s long-term development goals, noting that EIB is now exploring options to contribute to the financing of the planned international airport, which is expected to serve as a major logistics and investment hub for the Horn of Africa.

Both parties agreed to deepen their collaboration, with additional sectoral discussions expected during the upcoming visit of senior EIB officials to Ethiopia.

The Commercial Bank of Ethiopia (CBE), in collaboration with global payment leader MasterCard, has introduced both plastic and virtual international prepaid cards, a move set to enhance digital payment accessibility in Ethiopia.

The launch, officiated by CBE President Abe Sano and MasterCard Africa President Mark Elliott, marks a major step toward modernizing Ethiopia’s financial ecosystem. These prepaid cards will enable users to conduct international transactions with greater convenience, supporting online purchases, travel expenses, and cross-border payments.

CBE officials emphasized that the initiative aligns with the bank’s ongoing efforts to expand digital financial services and provide customers with secure, flexible, and globally accepted payment solutions. The virtual card, in particular, is expected to cater to the rising demand for secure online transactions, while the plastic version offers a physical alternative for international spending.

The Ethiopian Electric Power (EEP) announced that it is supplying 265 megawatts of electricity per day to Kenya under the power sales agreement between the two nations.

The 500 kV Ethio-Kenya Converter Station, a critical infrastructure project in East Africa’s energy landscape, is playing a pivotal role in strengthening cross-border power connectivity.

According to Mekonnen Kassie, a maintenance and operations specialist at the station, the facility receives electricity from Wolayta Sodo Substation No. 2 through four 400 kV incoming lines. It then transmits power via 12 converter transformers and 1,680 thyristors, ensuring a steady and efficient flow of electricity to Kenya.

The station operates with two high-voltage direct current (HVDC) poles, each with a capacity of 2,000 megawatts, and facilitates power transmission through a 1,600-kilometer line stretching from Ethiopia to Kenya.

Under the current power sales agreement, Kenya receives 200 megawatts of electricity for 18 hours daily, up until 6 p.m., followed by an additional 65 megawatts for the remaining six hours.

With the capacity to scale up supply, the station is also preparing to support planned power transmission to Tanzania. The broader vision includes expanding Ethiopia’s role in the continental energy market by facilitating power exports to other countries.

To sustain and enhance its contribution, the station is undergoing various capacity-building and infrastructure improvements, aligning with Ethiopia’s long-term strategy to become a regional energy hub.

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

European Investment Bank Eyes Support for Ethiopia’s New International Airport

CBE and MasterCard Launch International Prepaid Cards

EEP Supplies 265MW to Kenya Daily