@TheAfricaReport – Ethiopian Business Review

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The Trade and Development Bank Group (TDB Group) has been named Africa’s Bank of the Year at the 2025 African Banker Awards, held during the Annual Meetings of the African Development Bank. The honor recognizes TDB’s continued commitment to inclusive finance, service innovation, and its contribution to Africa’s sustainable economic growth.

TDB’s strength lies in its ability to adapt and lead through reform. Despite a rapidly changing financial landscape, the Bank has maintained its development impact by innovating its capital structure—most notably with the introduction of hybrid capital in 2024—and attracting institutional investors aligned with long-term development goals.

The Bank continues to deliver impactful project and trade financing, while also addressing upstream challenges through concessional finance, technical assistance, and development programs. Its work supports critical priorities such as women’s empowerment, youth employment, and responsible investment across African economies.

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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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Korea EXIM Bank has pledged USD871 million to support 11 major infrastructure projects across Ethiopia, reaffirming the deepening partnership between the two countries during a high-level Development Cooperation Policy Dialogue hosted by Ethiopia’s Ministry of Finance. The announcement marks a significant milestone in over 70 years of bilateral relations, with the new commitment focused on key sectors such as transport, energy, health, and technology. The investment aligns with Ethiopia’s ongoing reform agenda and aims to bolster inclusive and sustainable development.

State Minister of Finance, Semereta Sewasew, expressed appreciation for Korea’s continued support and underscored the importance of such partnerships in accelerating the country’s development priorities. She emphasized that the government is working to ensure all development cooperation is effective, coordinated, and responsive to Ethiopia’s emerging needs. Ambassador Jung Kang of Korea highlighted the historical and future-oriented nature of Ethiopia-Korea relations, reaffirming Korea’s readiness to strengthen cooperation in trade, investment, cultural exchanges, and people-to-people ties.

Korea’s delegation included officials from KOICA, Korea EXIM Bank, KOFIH, and KOPIA, each presenting updates on projects aimed at supporting Ethiopia’s long-term development. KOICA is currently managing programs valued at USD183.2 million, targeting areas such as manufacturing growth, climate resilience, healthcare improvement, and social inclusion. KOFIH detailed ongoing efforts to enhance Ethiopia’s healthcare systems, while KOPIA presented agricultural development initiatives, particularly focused on improving soil fertility and crop resilience in response to climate challenges.

Ethiopian representatives provided updates on the implementation of critical infrastructure projects, including road construction and energy access, underscoring the government’s commitment to delivering results. Both sides agreed on the importance of scaling up large-scale programs, engaging the private sector, and institutionalizing regular consultations to monitor progress and ensure lasting impact.

The meeting concluded with a shared vision to elevate Ethiopia-Korea relations through strategic development financing, technical cooperation, and shared growth.

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.

TDB Group Named Africa’s Bank of the Year

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

EXIM Bank of Korea Anchors USD871M Investment in Ethiopia’s Growth Sectors

EEP Supplies 265MW to Kenya Daily