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Six Months Given to Banks Under-formation to Start Operation with 500 Million Br Capital

Banks that are under-formation must hold general assembly and submit their final application within six months if they wish to start operation with an initial paid-up capital of half a billion Birr, according to the National Bank of Ethiopia (NBE). Banks that are in the process of collecting shares would benefit from the seven year …

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Major Shareholder of East African Bottling to be Listed as Standalone Business

Coca-Cola Beverages Africa (CCBA), major shareholder of Ethiopian Bottling Share Company, to be listed as a publicly traded company in South Africa and Netherlands. The Coca-Cola Company intends to sell a portion of its shareholding in CCBA through an initial public offering. The decision is in line with The Coca-Cola Company’s objective of focusing its …

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Zemen Launches Ethiopia’s First Platinum Mastercard Travel Card

Zemen Bank launches Mastercard branded prepaid contactless travel card in Ethiopia. Zemen Mastercard prepaid travel cards will enable cardholders to use cards with either of the two major currencies, namely U.S. Dollars and Euros, based on their travel destination. Said to be the first contactless travel card issued in Ethiopia, the card allow customers to …

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Dashen Unveils E-Commerce Gateway for International Payments in Ethiopia

Dashen Bank unveils new platform that enable its customers to accept digital payments from anywhere in the world Dubbed Amole eCommerce Gateway, the platform launched using Visa CyberSource infrastructure to acquire Visa, Mastercard and American Express. Dashen partnered with Moneta Technologies and Visa CyberSource to launch the platform that supports Dashen’s customers and over 8000 …

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New Directive Demands 5 billion Birr Paid-up Capital to Establish Bank

The National Bank of Ethiopia approves a new directive to increase minimum paid-up capital requirement needed to establish a bank from half a billion Birr to five billion Birr. Banks that are under-establishement are given seven year to comply with the new rules, while the existing banks are given five years. Currently, more than 10 …

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Gov’t Completes Feasibility Studies for 23 PPP Projects

Ethiopian government announced the completion of feasibility studies for 23 energy projects that are ready to be implemented through public-private partnership modality. They have been already approved by the board, in which the private sector is represented, established to review and give a green a light to PPP projects. “Currently, there are 23 large PPP …

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Ethiopia’s Monthly Coffee Exports Surpasses $107 million

Ethiopia exports an all-time high of 107 million dollars worth of coffee during March 2021, setting a monthly record-high. Ethiopian Coffee & Tea Authority announced that more than 27,200 tons of coffee have been exported during the last month. Coffee export never surpassed 100 million dollars in the history of the country. The Authority attributed …

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At $321.8 billion, Dubai’s Non-Oil Foreign Trade Slumps

Dubai’s non-oil foreign trade reached 321.8 billion dollars in 2020, portraying a 13.5 percent decline compared to the previous year, as the coronavirus pandemic disrupted economic activities of the gulf nation. Total trade volume dropped to 100 million tons, from 109 million tons in 2019, although shipments received a 6 percent boost in the second …

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