Ethiopian Airlines Secures AfDB Support for Mega Airport Project
Ethiopian Airlines has signed a deal with the African Development Bank (AfDB) to develop the Bishoftu International Airport, a $7.8 billion project aimed at boosting Ethiopia’s airport capacity to handle 60 million passengers annually by 2040.
The agreement, signed by Ethiopian Airlines CEO Mesfin Tasew and AfDB Vice President Nnenna Nwabufo, marks a major step in Ethiopia’s aviation expansion. Finance Minister Ahmed Shide highlighted the AfDB’s $1.2 billion investment and called for further support in macroeconomic reforms and regional integration.
AfDB President Dr. Akinwumi Adesina praised Ethiopia’s economic progress and reaffirmed the Bank’s commitment to this transformative project, which is set to strengthen Ethiopia’s role as an aviation hub in Africa. Read more
Ethiopian Interbank Market Surges, Hits 377 Billion ETB in Transactions
The National Bank of Ethiopia (NBE) and the Ethiopian Securities Exchange (ESX) have signed an MoU to strengthen the governance of Ethiopia’s growing interbank money market. Since its launch in October 2024, the market has facilitated over 377 billion ETB in transactions.
Governor Mamo Mihretu emphasized the market’s role in modernizing Ethiopia’s financial sector, enhancing efficiency, and strengthening monetary policy. The partnership aims to boost confidence, ensure stability, and support liquidity management among financial institutions. Read here
ECMA Extends Public Company Document Submission Deadline
The Ethiopian Capital Market Authority (ECMA) has granted a final one-month extension until April 9, 2025, for public companies to submit required documents under Directive No. 1030/2024. The extension applies to companies with over 50 shareholders, including those raising capital.
Submissions must include details on share issuance, offer documents, advertisements, and shareholder resolutions. Companies must provide both hard and soft copies, with management certifying accuracy. ECMA reminds firms that this submission is separate from security registration, which remains due by November 14, 2025, with non-compliance subject to penalties. Read here
ECMA Warns Against Unauthorized “Takilo Investment Bank”
The Ethiopian Capital Market Authority (ECMA) has issued a warning against “Takilo Investment Bank” for operating without a license. The entity falsely claims to be Ethiopia’s first investment bank, offering capital market services illegally.
ECMA urges the public to avoid transactions with unauthorized financial service providers, as they pose significant investment risks. Investors should verify credentials before engaging in any capital market activities. The authority remains committed to preventing unlicensed operations and encourages reporting of suspicious entities. Read here
Ethiopian Investment Holdings (EIH) Mid-Year Performance Review
EIH held its mid-year performance dialogues with key subsidiaries.
- Ethiopian Engineering Corporation (EEC): EEC excelled with 86 design projects, 250 supervision, and 42 construction projects in the 2017 EFY, achieving 91% physical and 109% financial performance. Revenue reached 3.8 billion ETB, marking a 62% growth, while profit before tax surged by 152%. EIH advised EEC to focus on long-term investment, explore new finance sources, and expand into foreign markets to diversify its customer base.
- Ethiopian Insurance Corporation (EIC): EIC posted 9.34 billion ETB in written gross premiums, a 51.7% growth. Profit reached 1.2 billion ETB, exceeding its target by 15% with a 62.7% increase. EIH commended EIC’s strong performance and emphasized improving operational efficiency and market expansion.
- Ethiopian Tourist Trading Enterprise (ETTE): ETTE entered a strategic partnership with Gebr. Heinemann, enhancing its duty-free and travel retail operations. This collaboration aims to introduce advanced operating systems, broaden product offerings, and improve employee training, positioning Ethiopia as a regional hub for travel and commerce.
- Ethiopian Shipping and Logistics (ESL): ESL marked its 61st anniversary with exceptional results, transporting 2.9 million tons of cargo and achieving 99.4% revenue growth, alongside a 182.3% increase in profit before tax. EIH emphasized the need for an integrated strategy to boost efficiency and quality to stay competitive in the sector.
Ethiopia Earns Over $1.2 Billion from Coffee Exports
Ethiopia has earned $1.226 billion from coffee exports in the first eight months of the 2024/2025 fiscal year, with more than 257,000 tonnes of coffee exported. This growth is attributed to recent government reforms that boosted coffee production, quality, and productivity. Ethiopia aims to reach $2 billion in coffee export revenue by the end of the fiscal year, with projections to export over 400,000 tonnes. Major export destinations include Saudi Arabia, Germany, and the United States. Read here
Ethiopia, Israel Strengthen Economic Ties
Ethiopia and Israel have reaffirmed their commitment to deepening economic cooperation following a meeting between Ethiopia’s Foreign Minister, Gedion Timothewos, and Israel’s Minister of Economy and Industry, Nir Barkat.
The discussion focused on expanding trade and investment, particularly in innovation-driven sectors such as technology, agriculture, water management, renewable energy, and manufacturing. Ethiopia highlighted its Homegrown Economic Reform Agenda and the role of Ethiopian Investment Holdings (EIH) in driving transformation. Israel, in turn, shared insights on its competitive economic clusters and expressed interest in collaboration.
Both nations agreed to establish mechanisms for deeper engagement, foster business linkages, and explore new avenues for partnership, emphasizing sustainable growth and knowledge transfer. Read here
Ethiopia’s Wheat Boom: Reality or Statistical Illusion?
Ethiopia claims to have achieved wheat self-sufficiency and even begun exporting surplus grain. However, an investigation by The Economist raises doubts, citing stark discrepancies between official figures and independent estimates. While the government reports a record 23 million tonnes of wheat production in 2023-24, the African Development Bank (AfDB) and USDA place the figure much lower—at 7.5 million and 5.8 million tonnes, respectively.
Despite claims of halting wheat imports, Ethiopia imported 1.4 million tonnes in 2024 while exporting only 150,000 tonnes. Questions also persist over the sustainability of its wheat strategy, data transparency, and continued food insecurity affecting millions. If production figures are inflated, Ethiopia risks losing credibility, potentially deterring future investment in its agricultural sector. Read here
Ethiopia Establishes National Accounting Institute
Ethiopia’s parliament has passed a law establishing the Ethiopian Institute of Certified Public Accountants to enhance financial expertise and reduce reliance on foreign accountants.
The institute, backed by Proclamation No. 1372/2017, aims to train globally certified professionals, strengthen financial oversight, and align with international standards. State Finance Minister Eyob Mekonnen highlighted its role in fostering investment and boosting Ethiopia’s presence in the African Free Trade Zone.
The move is expected to create jobs, improve financial management, and position Ethiopia as a regional leader in accounting and finance. Read more
Addis Ababa Light Rail Pilots Digital Ticketing
The Addis Ababa Light Rail is launching a pilot digital ticketing system at four key stations—Hayat, Menelik II, Qaliti, and Stadium—to modernize services and enhance passenger convenience.
Tickets will be available via the Telebirr Super App and USSD codes, aiming to replace paper tickets entirely. Employees have undergone training to ensure a smooth transition, with the pilot set to begin soon. This move marks a major step toward digitalizing Ethiopia’s public transport system. Read here
Bole Lemi SEZ Secures $2M for High-Tech Farming
Africa Farming Industries (AFI) has signed an MoU with Ethiopia’s Industrial Parks Development Corporation (IPDC) to launch an advanced agricultural facility in the Bole Lemi SEZ. The $2 million investment will focus on producing and exporting high-value strawberries and saffron using AI-driven precision farming and hydroponics.
AFI’s CEO, Nassour Mahamat, emphasized the project’s role in positioning Ethiopia as a global leader in premium agriculture. IPDC CEO Dr. Feseha Yitagesu highlighted its alignment with Ethiopia’s modernization goals, boosting exports and attracting foreign investment. Read here
Ethiopia’s Bitcoin Mining Boom – Who Truly Benefits?
Ethiopia has rapidly emerged as a hub for Bitcoin mining, thanks to its low electricity costs, powered by the Grand Ethiopian Renaissance Dam. But beneath the surface, critical questions arise: Is Ethiopia maximizing the potential of its resources? Who benefits from this booming industry, and at what cost to the nation’s development?
In our latest deep dive, we explore the complexities of Ethiopia’s Bitcoin mining sector, its impact on the country’s energy supply, infrastructure, and long-term economic goals. We also take a look at how other countries have approached this emerging industry and what lessons Ethiopia can learn from them.
Read our comprehensive analysis to understand the true impact of this digital gold rush. Read here
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That’s a wrap for this week! For more updates, visit our website or follow us on social media.
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