Tag: Ethiopia
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Ethiopian Banks Under Pressure as Foreign Competition Looms
The liberalization of the exchange rate for the birr last month has shaken up the banking sector. The country’s 32 banks will now have to adapt to the arrival of new lenders and some may not survive. Foreign banks, long eager to enter the Ethiopian market, are now more motivated than ever. The recent exchange…
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Ethiopia takes steps to prevent mpox outbreak
Ethiopia’s Health Minister, Mekdes Daba, noted that so far no cases of mpox have been recorded in the country, ENA reported. However, after the World Health Organization declared the mpox outbreak in Africa a public health emergency of international concern on August 14, Addis Ababa began to develop preventive measures. This includes strengthening border controls,…
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Somalia threatens to suspend Ethiopian Airlines flights amid territorial dispute
Somalia has issued a warning to suspend all Ethiopian Airlines flights to its territory due to an ongoing territorial dispute. The dispute escalated after Ethiopia signed an agreement in January 2024 with the separatist region of Somaliland, securing access to 20 kilometers of Somaliland’s coastline for 50 years in exchange for recognizing the territory. Somalia…
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IMF sets strict conditions for Ethiopia’s economic rescue package
The International Monetary Fund has outlined a series of demanding conditions for the Ethiopian government to access funds under its Extended Credit Facility (ECF) program. According to the organization, these conditions are intended to guide Ethiopia towards economic stability but come with critical deadlines and potential consequences for non-compliance. Here are some of the key…
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Ethiopia to build rail link between Awash fuel depot and Djibouti’s Horizon Terminal
This railway project aims to streamline oil loading services at the Horizon Terminal for Ethiopia, facilitate fuel transportation between the two nations, foster economic growth, and increase trade. The project is expected to be launched in the upcoming Ethiopian year of 2017 (Ethiopia will welcome 2017 on September 11). Following discussions between Ethiopian Finance Minister…
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Ethiopian prime minister inaugurates construction of Chinese-contracted economic zone
Named “Addis Tomorrow Special Economic Zone,” the new development is situated in the heart of Addis Ababa, the capital of Ethiopia. The inauguration ceremony took place a year after the signing of an agreement between the Addis Ababa City Administration and China Communications Construction Company (CCCC). The deal involves constructing the economic zone over a…
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Russian preparatory faculties open doors for students in Ethiopia, Tanzania, and Zambia
The initiative by Russian humanitarian agency Rossotrudnichestvo is offering a new pathway for African students seeking higher education in Russia. The preparatory faculties allow aspiring students to study the Russian language and technical subjects for 10 months, preparing them for seamless integration into Russian universities. “Previously, students would arrive in Russia and spend a year…
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Ethiopian Airlines signs deal for design of ‘biggest airport in Africa’
Ethiopia has signed an agreement for the design of a new four-runway airport that will be Africa’s biggest when construction is completed in 2029, the head of state-owned Ethiopian Airlines said on Friday. Located near the town of Bishoftu, around 45 km (28 miles) from the capital Addis Ababa, the airport will have capacity to…
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Ethiopia amasses over $27 billion following macroeconomic reform implementation
The money has been raised through debt relief, international aid, and partnerships, state media reported, citing Finance State Minister Eyob Tekalign. The comprehensive policy aims to foster sustainable growth and inclusive benefits for citizens. With ongoing reforms across agriculture, mining, and tourism, the country has not only alleviated its debt burden from 30% to 17%…
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A railway line from the port of Dar es Salaam and Morogoro to the capital of the Tanzania has been put into operation
In Tanzania, on August 1, a 541-kilometer railway line from the port of Dar es Salaam and Morogoro to the capital of the country, Dodoma, was put into operation. The cost of the project was $3.1 billion. The construction was carried out by the Turkish company Yapi Merkezi. The new railway connects Tanzania with countries…
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