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New bank prepares to join sector

A new bank, Amhara Bank S.C, is on the horizon of formation as the supervising committee readies itself to sell shares to the public, The Reporter has learnt.

Capital lease finance company opens shop

The National Bank of Ethiopia (NBE) has licensed the first foreign capital lease finance company called Ethio Lease. Ethio Lease was established by African Asset Finance Company, a New York City-based finance company, with a registered capital of 400 million birr.

Oil companies to take new concessions

Following the removal of the National Bank of Ethiopia’s directive that compels oil and gas companies to open a foreign bank account in Ethiopia international oil companies have shown interest to take new concessions.  

Diasporas get thumbs up to venture into banking

A new draft bill, which was designed to amend the existing, restrictive banking and financial services proclamation, has been tabled before the House of People’s Representatives (HPR) offering a new regulation, which has given the green light to foreign nationals of Ethiopian origin to engage in the banking and financial services sector.

Venture capital policy on the horizon

Cognizant of the need to promote private investment in Ethiopia and to assist in the government’s effort in job creation, the Government of Ethiopia (GoE) is preparing a policy that enables the setting up of a local venture capital fund in the country.

Gov’t plans to alleviate forex crunch

The Government of Ethiopia (GoE) is preparing a three-year financial program to overcome the country’s daunting financial challenges, Eyob Tekalign (PhD), State Minister of Finance, said at the fifth Annual Private Equity in East Africa Conference held at Sheraton Addis Hotel on June 13, 2019.

Amhara Savingto go into mainstream Banking

Amhara Credit & Saving Institution (ACSI), a giant microfinance institution active in the Amhara Regional State, has requested the National Bank of Ethiopia (NBE)to be given a green light to transform into a full-fledged banking institution, The Reporter has learnt.

IFC guarantees Ethiopia’s import bills

The International Finance Corporation (IFC), best known as the private sector arm of the World Bank Group, has inked agreements to guarantee Ethiopia’s global trade, mostly involving import bills.

Addressing diaspora trust fund issues

Many agree that the country’s current foreign currency crunch is in dire need of creative solutions as it has reached chronic level. In fact, it is critical now that the country is facing difficulty in importing lifesaving medication like insulin.