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Banking & FinanceThe International Finance Corporation (IFC) said on Monday it has issued a $10 million equivalent loan in Ethiopian birr to VisionFund Microfinance Institution, marking its first local currency loan to Ethiopia’s financial sector. The financing is the first tranche of a planned $30 million equivalent commitment, with $20 million to come from IFC’s own account
Banking & FinanceEthiopia has completed the Grand Ethiopian Renaissance Dam (GERD), the largest hydroelectric project in Africa, financed almost entirely through domestic resources in what is widely regarded as a historic national achievement. According to official figures, the Commercial Bank of Ethiopia (CBE) covered 91 percent of the financing, making it the cornerstone of the project’s funding
Banking & FinanceEthiopia’s Treasury Bill (T-Bill) market displayed remarkable strength and resilience during July and August 2025, according to the inaugural Monthly Domestic Debt Bulletin released by the Ministry of Finance’s Debt Management Division. The period was marked by strong issuance activity, overwhelming investor interest, and subscription levels that underscore growing confidence in the government’s domestic debt
Banking & FinanceMamo Mihretu, the reformist Governor of the National Bank of Ethiopia (NBE), has stepped down after two and a half years in office. His resignation, announced on Tuesday, came as a surprise to many inside Ethiopia’s financial sector. Mamo said he was leaving public service “to pursue other passions and tackle other challenges.” But his
Banking & FinanceA delegation led by Ato Abe Sano, President of the Commercial Bank of Ethiopia (CBE), has arrived in Dubai for a series of strategic consultations with the Ethiopian diaspora and international financial institutions. During his visit, Ato Abe Sano emphasized the importance of engaging the diaspora community in Ethiopia’s ongoing economic transformation. “Despite the large
Banking & FinanceEthiopia has finally opened the doors to its long-protected banking sector, and one of Africa’s largest lenders is already knocking. For decades, foreign banks were kept out. Now, recent policy changes allow international players to operate locally—through subsidiaries, branches, or minority stakes in domestic banks. This is more than financial liberalization; it marks a key
Banking & FinanceIn August 2017, Ethiopia took a decisive step to rewrite its tax story. The government revised the Value Added Tax (VAT) Proclamation, a law that had barely changed in three decades, marking one of the first big reforms under the National Medium-Term Revenue Strategy (2017–2020). Why? Because the numbers told a troubling story. Ethiopia’s tax
Banking & FinanceGovernment workers, mark your calendars: September 2018 (E.C.) isn’t just another new month, it’s the month your paycheck levels up. The Civil Service Commission just dropped the details on a sweeping salary revision that’s about to shake up public sector paychecks: But raises don’t come cheap. This overhaul demands an extra Birr 160B in budget,
Banking & FinanceEthiopia is facing an unprecedented slide in one of its most critical economic indicators: the tax-to-GDP ratio. A joint study by the Ministry of Finance’s Tax Policy Department and the UK-based Institute for Fiscal Studies (IFS), through their TaxDev initiative, has revealed that the country’s tax-to-GDP ratio dropped to 7.5% in 2022/23, its lowest point
Banking & FinanceEthiopia’s Financial Intelligence Service (FIS) has frozen the bank accounts of 138 individuals accused of running illegal foreign currency operations, in the latest move to tighten the noose on the country’s parallel market. The suspects, identified through what the agency calls “ongoing surveillance,” are accused of skirting the formal financial system and moving money outside
Banking & FinanceIn the bustling markets of Ethiopia, where roadside stalls and small kiosks have long been the beating heart of local commerce, a quiet digital revolution has been unfolding for over a decade. At the center of it all is Oromia Cooperative Bank’s bold innovation, the “Michu” digital unsecured loan service. Since its launch in 2014,
Banking & FinanceIn the span of just a few days, Ethiopia’s foreign exchange market went from chaos to crackdown and possibly, a new kind of clarity. By the end of July, the unofficial (parallel) market exchange rate had breached 170 birr per USD, igniting panic among traders, importers, and the diaspora. The National Bank of Ethiopia (NBE)
