Fasano, Italy – This year’s G7 summit bore the hallmarks of a fragile club, yet one that still manages to put up a good fight when it comes to shielding Western interests. On Saturday, the leaders of what were once the wealthiest countries in the world concluded the three-day G7 summit in Borgo Egnazia, a luxury resort...
Ethiopia has earned over $4.2 billion in remittance over the past 10 months, a senior official has disclosed. Briefing journalists on Wednesday, the country’s Minister of Planning and Development Fitsum Asefa said the country is attracting over $4 billion on yearly basis over the past of five years, She said foreign nationals and Ethiopian origins...
Addis Abeba – Ethiopia’s coffee industry is experiencing a robust year, with exports reaching a staggering $1.2 billion in the past 11 months, according to the Coffee and Tea Authority. This revenue stems from the export of 252,446 tons of coffee to international markets. Adugna Debela, Director General of the Authority, noted, “Ethiopia has a high...
LONDON, (Reuters) – Africa needs quicker debt restructurings, more favourable lending terms and some $25 billion for the Africa Development Fund to avoid a lost decade, the head of its development bank said. The continent was suffering from “long fiscal COVID” and the world was not doing enough to help it move past the punishing years of...
Boeing, the world’s largest aerospace company, has picked Ethiopia for its new Africa headquarters. South Africa and Kenya were passed over as preferred locations, losing out on the resulting investment. On The Money Show, Bruce Whitfield notes that Boeing once had its Africa head office in Johannesburg, shutting that down ‘quietly’ during the second...
South Korea is banking on its first summit with African leaders on Tuesday to raise its profile on the continent and boost economic ties, officials said ahead of the meeting in Seoul. But in an Africa where China, the US, Russia, the European Union, Britain and India have already pitched their ideas, the South Koreans...
Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Djibouti on March 22, 2024. After the negative shock of the pandemic and a weak recovery in 2021, the November 2022 peace agreement in Ethiopia bolstered the Djiboutian economy. Growth is expected to have reached about 7 percent in 2023,...
ADDIS ABABA, (Xinhua) — China-Africa trade cooperation is playing a pivotal role in fostering inclusive and sustainable development across Africa, a senior official with the United Nations Conference on Trade and Development (UNCTAD) said on Friday. Diane Sayinzoga, UNCTAD’s chief of the Regional Office for Africa, said the China-Africa trade partnership has facilitated the implementation...
ADDIS ABABA, (Xinhua) — Ethiopia attracted 3 billion U.S. dollars in foreign direct investment (FDI) in the first 10 months of the current Ethiopian Fiscal Year 2023/2024, which started July 8, 2023, an Ethiopian official has said. Hanna Arayaselassie, chief commissioner of the Ethiopian Investment Commission, said on Tuesday that the commission had planned to...
Hopes of the Kenya Shilling strengthening against the US dollar to the pre-2020 level of about 101 can only be realised sometime in September, according to market analysts. The latest monetary update by the international research body, Economic Intelligence Unit (EIU), shows the US dollar will remain bullish against the local currencies for much longer...