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BusinessA new amendment to Ethiopia’s Income Tax Proclamation proposes a 15 percent tax on earnings generated from digital content creation on platforms such as YouTube, TikTok, Facebook, Instagram, and others. The draft legislation, currently under discussion in the House of People’s Representatives, aims to bring digital economy participants into the tax net by classifying regular
Banking & FinanceHijra Bank has reported a 740% surge in annual profit, earning over 840 million birr during the 2024/25 fiscal year. The bank’s total income exceeded 1.8 billion birr — up 148.85% from the previous year — marking one of the strongest performances in Ethiopia’s growing interest-free banking sector. According to the bank’s annual performance disclosure,
The African Development Bank (AfDB) has approved a $50 million trade finance guarantee for Awash Bank, Ethiopia’s largest private bank by paid-up capital. The facility aims to ease the strain of foreign currency shortages by covering up to 100% of the non-payment risk on letters of credit issued by the Bank. This backstop reduces the
AWAB-2.78%
Banking & FinanceThe Commercial Bank of Ethiopia (CBE) has reported a major milestone for the 2024/25 fiscal year, mobilizing over 515 billion birr in new deposits, bringing its total deposits to 1.69 trillion birr — a historic achievement in the bank’s history and a strong indicator of public confidence in the institution. Compared to the previous fiscal
BusinessSafaricom Ethiopia has crossed a major milestone, reaching 10 million active subscribers, four years after acquiring its telecom license. The achievement underscores the company’s rapid growth in one of Africa’s most closely watched and underserved telecommunications markets. The figure is based on SIM cards active within a 90-day period and follows the addition of 7.1
BusinessEthiopia’s coffee industry is celebrating a major milestone, with exports soaring to 409,605 tons in the first 11 months of the current fiscal year—exceeding targets by an impressive 128,718 tons, according to the Ethiopian Coffee and Tea Authority (ECTA). Shafi Umer, Deputy Director General of ECTA, attributed the strong performance to ongoing sectoral reforms and
BusinessIn a major step toward ensuring agricultural self-sufficiency and reducing reliance on fertilizer imports, Ethiopia is set to sign a landmark agreement with Nigerian billionaire and industrialist Aliko Dangote to build a fertilizer factory in the Somali Regional State, Gode area. Prime Minister Abiy Ahmed (PhD) announced that the $3 billion deal will be formalized
BusinessEthiopia has received a record $5.1 billion in remittances in the first nine months of the current fiscal year, according to the Ethiopian Diaspora Service (EDS) — a milestone that underscores the vital role the Ethiopian diaspora continues to play in supporting the country’s economy amidst ongoing reforms. The announcement was made by Wondwosen Terefe,
BusinessIn a decisive policy shift, the Ethiopian government has officially ended its longstanding fuel subsidy, fully liberalizing fuel prices to reflect international market rates. The Ministry of Trade and Regional Cooperation confirmed that gasoline and jet fuel prices were deregulated as of May 9, 2025, followed by diesel on June 4, 2025. The reform marks
Banking & FinanceDashen Bank has announced that it has disbursed over 1 billion birr in loans through its MESMER program, a financing initiative aimed at supporting micro, small, and medium enterprises (MSMEs) across Ethiopia. The figure, according to the bank, reflects only the loans issued under the MESMER program and does not include other MSME-related lending. The
BusinessEthiopia has launched a comprehensive portfolio of investment projects valued at more than $13 billion, signaling a major push to attract private capital across agriculture, energy, manufacturing, finance, and infrastructure. The pipeline, outlined in the newly released “Invest in Ethiopia 2025” Deal Book, includes dozens of projects positioned as “investment-ready,” with financing models ranging from
BusinessDashen Bank has officially introduced a new digital fuel payment solution through its Super App, enabling customers to make seamless fuel payments at participating gas stations. This initiative marks a significant step toward modernizing payment systems in Ethiopia’s fuel distribution sector. According to Dashen Bank’s Acting CEO, Ayele Teshome, the new service allows customers to
