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Ethiopian Business Review, Bole Homes, Behind the Chancery of the Embassy of Argentina, Addis Ababa (2025)

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Bole Homes, Behind The Chancery Of The Embassy Of Argentina

31/10/2025

Oromia Insurance Appoints Wegagen Capital for ECMA Registration

Oct 31, 2025

Oromia Insurance S.C. has formally enlisted Wegagen Capital Investment Bank as its transaction advisor to guide its registration with the Ethiopian Capital Market Authority (ECMA).

The signing ceremony, held on October 30, 2025, at Oromia Insurance's headquarters, marks the company’s preparation to comply with the nation's capital market regulations, Proclamation No.1248/2021 and Directive No.1030/2024.

Wegagen Capital, which was licensed by the ECMA on March 21, 2025, will provide comprehensive advisory services. Its mandate includes conducting an in-depth analysis, preparing and submitting all necessary registration documents to the ECMA, and ensuring Oromia Insurance is fully compliant throughout the process.

Wegagen Capital began operations with an initial capital of 385 million Birr and recently announced an ambitious plan to increase its capital to one billion Birr.

The agreement was signed by Samuel Tesfa, Chief Resources Officer of Oromia Insurance S.C., and Debes Tekue, representing Wegagen Capital Investment Bank.

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31/10/2025

Ethiopian Airlines Deepens Its Six-Decade Bond with Nigeria

Oct 31, 2025

Ethiopian Airlines has strengthened its presence in West Africa by launching a second daily flight on the Abuja-Addis Ababa route, marking another significant expansion in its long-standing operations in Nigeria. The new evening service, which commenced on Tuesday with flight ET937 receiving a traditional water salute upon arrival, will operate three times weekly alongside the existing daily midday flight.

The additional service, ET957, will depart Abuja at 10:00 p.m. and arrive in Addis Ababa at 5:00 a.m., providing enhanced connectivity to key destinations across Africa, the Middle East, Asia, and South America. With this expansion, Ethiopian Airlines now operates 35 weekly flights to Nigeria – serving Lagos (14 weekly), Abuja (10), Kano (7), and Enugu (3) – solidifying its position as one of the largest international carriers in the Nigerian market.

The airline's relationship with Nigeria dates back to the 1960s, when it first began scheduled operations to the country shortly after Nigeria's independence. Over the decades, Ethiopian Airlines has maintained service through various industry challenges, becoming the first international carrier to serve Enugu in 2013 and consistently expanding its Nigerian network despite market fluctuations.

The increased frequency is expected to boost trade, tourism, and business connectivity between Nigeria and Ethiopia while reinforcing Addis Ababa's role as a major African aviation hub. The expansion demonstrates Ethiopian Airlines' continued confidence in the West African market and its strategy of strengthening intra-African air connectivity.

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30/10/2025

Ethiopian Airlines, Chapa Partner to Simplify Ticket Payments

Oct 30, 2025

Ethiopian Airlines and Chapa Financial Technologies S.C. have signed a partnership under the theme “Flight Meets Fintech”, aimed at making ticket purchases faster, more secure, and more convenient for passengers. The agreement was signed by Hailemelekot Mamo, Vice President of ET Holidays and Digital Sales at Ethiopian Airlines, and Nael Hailemariam, CEO and Co-founder of Chapa. Through this partnership, customers can now purchase Ethiopian Airlines tickets using any bank’s ATM.

The partnership enables instant refunds, secure payments, and broader payment flexibility powered by Chapa’s digital platform. Speaking at the signing, Nael Hailemariam expressed pride in partnering with Ethiopian Airlines to simplify digital payments and enhance the travel experience for customers.

Hailemelekot Mamo reaffirmed Ethiopian Airlines’ commitment to technology-driven service excellence, stating, “We believe in and support home-grown technologies and Chapa is one of them.”

Founded in 2020 by Nael Hailemariam and Israel Goytom, Chapa has grown rapidly to become one of Ethiopia’s leading fintech firms. In just four years, it employs over 60 professionals and works with more than 1,500 companies across multiple sectors, empowering businesses to accept payments seamlessly.

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30/10/2025

Mega-Expo to Transform African Livestock Held in Addis Ababa

Oct 30, 2025

a massive joint trade fair encompassing the Ethiopia Poultry Expo, African Livestock Exhibition, Apiculture, Aquaculture, and Bio-Energy Fairs launched at Millennium Hall in Addis Ababa. The event's core focus was to accelerate investment and modernization in Ethiopia's critical livestock and fish sectors to ensure national food security.

Organized by Prana Events and Expo Team, the fair pursued three key goals: boosting investment, market linkages, and technology transfer. It featured over 100 organizations from 14 countries, including global leaders from China and the Netherlands, showcasing advanced solutions for the agricultural value chain.

The expos specifically targeted improving productivity. Ethiopex aimed to transition to modern poultry farming, while the Honey Expo focused on quality control. With an expected 5,000+ visitors and strong support from the Ministry of Agriculture, the event was primed for significant trade exchange and sector advancement.

Ultimately, this collective platform was designed to catalyze modernization by transferring technology and attracting influential participants, thereby strengthening the foundation for local productivity and continental agricultural development to meet rising regional demand for animal products.

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30/10/2025

Global Livestock Expo Kicks Off in Addis Ababa

Oct 30, 2025

The Global Livestock Exhibition and Conference (GLEC) kicked off in Addis Ababa, marking its fourth edition with the Netherlands as national partner and participation from the Brazil Pavilion. The event, which runs from October 30 to November 1, brings together over 100 exhibitors from 14 countries, along with senior government officials, ambassadors, and livestock sector experts.

The gathering integrates four major expos Ethio Poultry Expo, African Livestock Exhibition and Congress, Lepiculture and Aquaculture Expo, and the Bioenergy Trade Fair showcasing technologies and business opportunities across livestock value chains.

Meron Solomon, Project Manager at Prana Events, noted that the exhibition has become a vital platform for advancing Ethiopia’s livestock industry by connecting businesses, promoting modern farming systems, and supporting the country’s transformation agenda. The government’s ongoing Livestock Transformation Program aims to boost production of milk, meat, eggs, and fish through improved inputs and value addition.

This year’s edition expects more than 5,000 visitors from Ethiopia, East Africa, and beyond. Organized by Prana Events, a leading Ethiopian company with over 18 years of experience in international trade fairs, GLEC continues to bridge global agribusiness stakeholders, fostering technology transfer and market linkages that drive sector-wide growth.

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30/10/2025

11th Africa Sourcing & Fashion Week (ASFW) Officially Opens

Oct 30, 2025

The 11th Africa Sourcing & Fashion Week (ASFW) officially launched on Thursday at the Africa International Convention Center (AICC) in Addis Ababa, bringing together over 250 producers from more than 30 countries. The event was inaugurated by Ato Kibur Gena, Executive Director of the Pan African Chamber of Commerce, who emphasized the platform's vital role in advancing Africa’s position in the global textile, fashion, and leather industries.

Running until November 2, 2025, ASFW is expected to attract more than 6,000 investors, traders, and participants, offering a comprehensive showcase of sustainable manufacturing practices, innovative designs, and emerging market opportunities. In his opening remarks, Skander Negasi, CEO of Trade and Fairs Group, highlighted the event’s contribution to fostering regional integration and promoting African creativity on the world stage.

The 11th edition of ASFW is organized in partnership with the Ethiopia Textile & Garment Manufacturers Association (ETGAMA) and the Ethiopian Textile Industry Development Institute (ETIDI), in cooperation with Messe Frankfurt and supported by over 15 national and international organizations. The event also serves as a platform for the unveiling of key government initiatives aimed at boosting the textile, garment, leather, and Free Zones sectors.

By uniting global brands, industry pioneers, and emerging designers, ASFW continues to drive investment, innovation, and collaboration—reinforcing Ethiopia’s and Africa’s growing influence in the global fashion and manufacturing landscape.

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30/10/2025

Ethiopia, FIZA Partner to Locally Manufacture Rail Parts.

Oct 30, 2025

The Ethiopian Railways Corporation (ERC) has signed a memorandum of understanding with South Africa’s FIZA Engineering Corporation to jointly establish a railway parts manufacturing centre in Ethiopia. The agreement, signed on October 27, 2025 aims to ease the country’s shortage of spare parts, strengthen the railway supply chain, and reduce foreign currency expenditure by producing essential components locally.

ERC Deputy CEO for Business Development, Getu Gizaw, and FIZA Engineering
Corporation’s Managing Director for Business Development and Marketing, Mohammed Farouqdin, signed the agreement on behalf of their respective institutions. The partnership also paves the way for future cooperation in accessing international finance, fostering investment partnerships, and providing technical and skills training in railway operations and manufacturing.

FIZA Engineering Corporation is a multinational firm headquartered in South Africa with operations in India, the Middle East, and the United States. The company specializes in manufacturing and supplying railway components, spare parts, and engineering solutions for public and private rail operators worldwide. The new collaboration marks a step toward advancing Ethiopia’s goal of building a sustainable, locally supported railway industry.

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29/10/2025

Ethiopian Insurance Corporation Reports 58% Growth in First Quarter Performance

Oct 29, 2025

The Ethiopian Insurance Corporation (EIC) has announced robust financial results for the first quarter of the 2025/26 fiscal year, recording a Gross Written Premium of over ETB 11.3 billion. This represents an 8.5% surplus over its target and a 58% increase compared to the same period last year, underscoring the company's accelerating growth in a competitive market.

The state-owned insurer also reported a 102.5% surge in investment income, which reached ETB 316 million. The results build on the strong performance of the preceding fiscal year, during which EIC collected more than ETB 13.3 billion in premium income, with ETB 12.9 billion coming from general insurance and ETB 428 million from life insurance.

The corporation, which began operations in 1976 and was re-established as a public enterprise in 1994, has grown its branch network to approximately 125 locations nationwide as of mid-2024. Its workforce has also expanded, now totaling 1,763 permanent and 502 contract employees.

Despite growing competition from private insurers since market liberalization, EIC remains a market leader. It is now prioritizing digital transformation and preparing for an Initial Public Offering (IPO) on the Ethiopian Securities Exchange. These initiatives aim to enhance operational efficiency and expand the company's reach in a rapidly evolving financial landscape.

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29/10/2025

Ethiopia Introduces New Electricity Prices for Crypto Mining

Oct 29, 2025

Ethiopian Electric Power (EEP) has officially announced a revised, multi-year electricity tariff structure exclusively for data mining customers, set to take effect on 1st December 2025. The new policy shifts to a Time-of-Use (TOU) system, where energy costs will fluctuate based on the time of day and grid demand.

According to the detailed schedule, consumption during peak hours (18:00-22:00) will be charged at the highest rate, starting at 6 US cents/kWh, while off-peak hours (23:00-05:00 and 09:00-18:00) will see the lowest rates, beginning at 3.5 US cents/kWh. This three-tiered pricing structure is designed to manage grid load more effectively and will see incremental annual increases through July 2028.

The tariff revision, which EEP states is essential for the "financial sustainability of the national power supply system," is enacted under the provisions of existing Power Purchase Agreements (PPAs).

Furthermore, EEP is introducing an Availability-Based Tariff (ABT) to address periods of planned power curtailment. This performance-linked mechanism will adjust customers' energy charges based on the actual power supplied. Under the ABT scheme, if power availability drops below 80% of the contracted level, the tariff will be progressively reduced according to a published schedule. For example, during the first year when the base tariff is 4 US cents/kWh, the rate would drop to 3.24 US cents/kWh during periods of "Moderate" availability (60-69%), and to 3.09 US cents/kWh during "Low" availability (below 50%).

By implementing a cost-reflective pricing model that includes incentives for consumption during off-peak periods and mechanisms for planned curtailment, EEP aims to foster a more sustainable and predictable partnership with the sector, ensuring the long-term viability of power supply for all customers while continuing to attract foreign investment.

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29/10/2025

World Bank-Financed Section of Modjo-Hawassa Expressway Set for April 2026 Launch

· Oct 29, 2025

The 202-kilometer Modjo-Hawassa Expressway – Ethiopia's second major toll road and first internationally-standard expressway – is advancing toward completion, with the World Bank-funded Batu-Arsi Negele segment now 95% complete and scheduled to become operational by April 2026.

According to Addishiwot Tadesse, Project Manager for the Modjo-Hawassa Expressway at the Ethiopian Roads Administration, the third of four lots is in its final phase, requiring only the installation of intelligent transport systems, toll stations, and traffic signaling to become fully operational.

The expressway comprises four distinct segments with varied international financing. The project represents a total investment of 17.1 billion birr across all lots: Lot 1 (Modjo-Meki) at 4.2 billion birr financed by the African Development Bank; Lot 2 (Meki-Batu) at 2.2 billion birr supported by the Korean Exim Bank; Lot 3 (Batu-Arsi Negele) at 5.3 billion birr fully funded by a $295 million World Bank commitment; and Lot 4 (Arsi Negele-Hawassa) at 5.4 billion birr currently facing funding challenges.

“The first three sections have demonstrated steady progress, but the Arsi Negele-Hawassa segment faces challenges due to financing constraints,” explained Addishiwot. “The contractor cannot proceed primarily using Ethiopian currency alone, and critical asphalt work remains outstanding.” The final segment, valued at 5.4 billion birr, has seen China Exim Bank withhold approximately $70 million in funding over the past four to five years. Ministry of Finance is currently engaged in negotiations to secure the necessary funding and ensure the corridor’s completion.

Upon full operational status, the Modjo-Hawassa Expressway is expected to reduce travel time between Modjo and Hawassa from five to three hours while cutting vehicle operating costs by 15–20%, significantly enhancing Ethiopia’s regional trade and logistics capacity. The highway forms a crucial segment of the Cairo–Cape Town Trans-African Highway, supporting the African Continental Free Trade Area (AfCFTA) objectives by improving cross-border connectivity and supply chain efficiency.

The expressway will serve over 1.5 million people, providing improved access to industrial zones including the Hawassa Industrial Park, while incorporating climate-resilient features such as wildlife crossings and electronic tolling systems to ensure sustainable infrastructure development.

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29/10/2025

ShebaMiles, Etihad Guest Launch Loyalty Program Partnership

Oct 29, 2025

Ethiopian Airlines has announced a strategic partnership between its ShebaMiles loyalty program and Etihad Airways’ Etihad Guest program, enabling members of both airlines to earn and redeem miles across each other’s networks. The collaboration, effective this month, brings together ShebaMiles’ 5.38 million members and Etihad Guest’s 12 million members, offering enhanced flexibility and connectivity for frequent flyers.

Ethiopian Airlines Group Marketing Vice President Rahel Assefa described the partnership as a customer-centric initiative aimed at expanding connectivity and rewarding loyalty. Etihad Guest Managing Director Mark Potter highlighted the value of the partnership for members traveling between Africa and the Middle East, particularly following the recent launch of Etihad flights between Addis Ababa and Abu Dhabi.

Both loyalty programs offer tiered membership levels ShebaMiles with Blue, Silver, Gold, and Platinum, and Etihad Guest with Bronze, Silver, Gold, Platinum, and Emerald and provide extensive opportunities to earn and redeem miles through airline and non-airline partners, including hotels, financial institutions, and retail outlets.

The partnership strengthens Ethiopian Airlines’ position as a leading global carrier and supports its Vision 2035 strategy to rank among the world’s top 20 aviation groups. It also reflects the growing cooperation between the two airlines, offering passengers greater convenience, recognition, and benefits across their combined global networks.

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28/10/2025

EthSwitch Announces ETB 1.42 Billion Pre-Tax Profit

Oct 28, 2025

The Ethiopian National Switch (EthSwitch) announced outstanding financial results for the 2024/25 fiscal year, with pre-tax profit reaching ETB 1.42 billion a 34% increase from the previous year. The company’s revenue grew by 49.9% to ETB 2.2 billion, demonstrating strong performance across its operations.

During its 12th Annual General Meeting held at the Sheraton Addis, Board Chairperson Solomon Desta reported that EthSwitch’s paid-up capital increased to ETB 2.56 billion, while subscribed capital reached ETB 2.99 billion. The company achieved earnings per share of ETB 486.14, reflecting substantial returns for its shareholders, which include all banks, the National Bank of Ethiopia, microfinance institutions, and payment instrument issuers.

Operational milestones were equally impressive, with EthSwitch processing 287.4 million interoperable transactions valued at ETB 741.1 billion. This included 128.3 million person-to-person transfers worth ETB 577.7 billion a 158% annual increase all with a 100% success rate. ATM transactions grew by 26% to 119.3 million, while POS transactions increased by 24% to 2.78 million, valued at ETB 7.2 billion.

The company also completed major infrastructure upgrades, including relocating its data center to Zemen Bank headquarters and acquiring a 12-story headquarters building. EthSwitch advanced its Instant Payment System and National Payment Gateway, enabling new services like Request to Pay and QR payments, while maintaining interoperability across ATMs, POS devices, and P2P transfers.

Established in 2011 with initial capital of ETB 80.5 million, EthSwitch continues to drive payment interoperability and innovation across Ethiopia's financial sector, working toward its vision of becoming Africa's leading payment network by 2035.

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