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Banking / Investment in Ethiopia

  • Africa's last international banks make their stand

    BOTSWANA, 2017/10/31 On June 1, 2017, Barclays sold a 33.7% stake in its African business, Barclays Africa Group Limited (BAGL). The transaction reduced the UK lender’s stake in its African offshoot to 14.9% and permitted, in accounting terms, the deconsolidation of BAGL from its parent. Additional symbolically, it brought to an end Barclays’ operations on the continent next additional than 100 years. The rise of Africa’s home-grown financial players has led most international lenders to withdraw from the continent. However, Société Générale and Standard Chartered are not only staying put but marking territory for digital expansion. James King reports.
  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • Ethiopia: Addis Bank Reports Profit Surge

    ETHIOPIA, 2017/02/05 Addis International Bank has had an impressive year, registering an annual profit increase of 100pc, since its establishment in 2011 as one of the late entrants into the banking industry. The Bank earned a net profit of 85.3 million Br in the 2015/16 fiscal year, a 46pc increase over its performance in the previous year. The Bank currently claims to have over 8,370 shareholders with over 532,580 shares. The Bank's major shareholders include Ethiopian Airlines employees' Saving & Credit Cooperatives, Addis Abeba Saving & Credit Cooperatives Union, the Ethiopian Roads Authority Employees' Saving and Credit Cooperative, the ethio Telecom Employees' Saving & credit cooperative and Yirgachefe coffee farmers cooperative union.
  • Ethiopia: Cash From Any ATM, Begining Today,

    ETHIOPIA, 2016/04/21 Depositors in Ethiopia can cash their account from any ATM even if it is not operated by the bank where they have deposited their savings. The long-awaited national switch system, ET Switch S. C., has gone operational today, April 20, 2016. Et-Switch was established in 2011 by 16 banks, with 80.5 million Br registered capital.
  • Axum Water Supply Project in the Federal Democratic Republic of Ethiopia

    KUWAIT, 2015/06/25 A Loan Agreement between Kuwait Fund for Arab Economic Development and The Federal Democratic Republic of Ethiopia has been signed today in Addis Ababa whereby Kuwait Fund extends a Loan in an all of K.D 6.5 million equivalent to about US$ 22.1 million to participate in the financing of the Axum Water Supply. A Project Agreement relating to the said Loan was as well signed between the Kuwait Fund and the Axum Water Supply and Sewerage Utility. The Loan and Project Agreements were signed by H.E. Mr. Ahmad Shidi, Minister of Finance, on behalf of the Federal Democratic Republic of Ethiopia and Mr. Hamad S. Al-Omar, Deputy Director-General of Kuwait Fund for Arab Economic Development, signed both the Loan and the Project Agreements on behalf of Kuwait Fund, in attendance of His Excellency Mr. Rashid Al-Hajri, Ambassador of the National of Kuwait to Ethiopia and Mr. Abdulrahman Al-Hashim, Regional Manager for Central, East and South African Nations.
  • East Africa: Regional Microfinance Institutions Advised to Apply for Observer Status

    DJIBOUTI CITY, 2015/01/04 Regional microfinance institutions are poised to benefit from regional integration, if they apply for an observer status at the East African community secretariat, Innocent Safari, the permanent secretary, Ministry of East Africa community affairs has said. The advice follows plans by sector players to move towards integrating legal and regulatory frameworks during the recently concluded microfinance CEO's summit in Kigali. During the summit, top micro finance managers resolved to explore ways in which laws, regulations and supervisory frameworks governing the sector can be harmonised to enhance cross-border business.
  • Iran ready to boost investment in Ethiopia

    ETHIOPIA, 2012/12/17 Iran is looking to boost investment in Ethiopia, the country’s Ambassador in Addis Ababa told Press TV on Sunday. Ali Bahreini said that Tehran was ready to move on investing in the East African country. It has already done a large amount of investment in Ethiopia on energy infrastructure and hopes to boost other sectors. “We acknowledge that Ethiopia has achieved a lot during the last decade and our country is ready to support Ethiopia to continue these processes,” Bahreini told Press TV.
  • Ethiopia’s foreign earnings are increased Chinese factories

    ETHIOPIA, 2012/12/16 According to the National Bank of Ethiopia, FDI in this country climbed from 150 million dollars in 2005 to 1.1 billion dollars in 2010. To bring in scarce foreign exchange, Meles channeled investment to export-oriented sectors like floriculture, horticulture, textiles, and leather. Ethiopia’s foreign earnings increased 15 % last year to 3.2 billion dollars, according to the Ministry for Trade. The government aims to double exports as a share of output by 2015, with a much bigger contribution coming from minerals and manufactured goods.