Category: Markets
Ethiopia: One Million Ethiopians enter the Banking System
Addis Ababa, October 18, 2020 – Ethiopia’s effort to stamp out counterfeiting by introducing new currency notes is pulling people who’ve never had a bank account into the financial system. Over the past four weeks, almost 1 million previously unbanked Ethiopians have handed in their two-decade-old banknotes, according to the central bank. In exchange, they…
Somalia: Businessmen Fully Support Al-Shabaab Over African Union Troops
This week pro- Al-Shabaab businessman Abukar Omar Addaan has been arrested by govt security forces in Mogadishu after he expressed support for violence against the African Union forces. Showing Support to al-Shabaab doesn’t mean businessmen support the war. At the moment government can not keep local traders and huge companies safe and that criminalizing their…
Ethiopia: More French Companies Keen To Invest
Addis Ababa, October 18, 2020 -Prominent French companies are showing interest to invest in Ethiopia in the area of energy, logistics, and telecom sector, said French Ambassador to Ethiopia. In an interview with ENA, Ambassador Remi Marechaux said the number of French investors operating in Ethiopia has now reached 55 which is twice the number…
Somalia is open for business
There is no doubt that Somalia has become a significantly more attractive prospect since the signing of the country’s Petroleum Law and Revenue Sharing Agreement earlier this year. With seven blocks on offer, the round, set to conclude in March 2021, presents Operators with the opportunity to enter one of the last truly frontier passive…
KENYA PLACES SEVENTH POSITION AT THE ABSA INDEX REPORT
A report released at the fourth edition of Absa Africa Financial Markets Index 2020, shows a significant drop in Kenya’s capacity to attract local and foreign investment, placing it at the seventh position from last year’s third. Based on the report, Kenya lost seven points to score 58 out of 100 points, placing Nigeria, Botswana, Namibia and…
Ethiopia: Chinese Companies Invests Over $1.1B
Addis Ababa, October 16, 2020 – Chinese companies, with close to 1,564 projects that were either operational or under implementation during the past two decades, are the top players in Ethiopia’s investment landscape both in terms of the number of projects and the financial capital, an official at the Ethiopian Investment Commission (EIC) said. Speaking…
Somalia: Islamists Slowly Controlling Bank System
MOGADISHU – Somalia’s Islamist insurgents are moving millions of dollars through the formal bank system and appear to be investing in businesses and real estate, according to a United Nations report offering a rare glimpse into their finances. Al Shabaab has for years been battling Somalia’s internationally-backed government to impose strict Islamic law in the…
Somalia signs port deal with Turkish company
The watershed deal could lead increased revenues and the preservation of Somalia’s sovereignty, especially after nearly a decade of Emirati support for separatist groups that undermined Mogadishu’s federal reach. Somalia’s federal government signed a landmark 14-year contract with a Turkish company, handing it over the charge of running and rebuilding its capital Mogadishu’s port, according…
Djibouti: Mo Farah Named Ports Ambassador
British long distance runner Mo Farah has been appointed Ambassador of Djibouti Ports and Free Zones Authority. Farah was named ambassador on the day Djibouti set up the redevelopment of the historical port into a Business district. “We are delighted to be joined by Mo Farah at the ceremony to launch the regeneration of the Port…
Ethiopia: Nation Suspends Partial Privatization Of Ethiopian Airlines
Addis Ababa, October 13, 2020 – In a press conference it held to brief media on its first quarter performances, the Minister of Ministry of Finance, Ahmed Shide said the government has revoked the process of partial privatization of Ethiopian Airlines. The minister underlined that the cancellation of the partial privatization of the airlines is…
