2merkato

The Ministry of Revenues has introduced a new draft Value Added Tax (VAT) Refund Directive designed to align with last year’s VAT Proclamation amendments, proposing major changes to refund eligibility, investment classification, and exporter benefits.

EthSwitch, the national digital payment switch connecting banks and financial institutions across Ethiopia, has announced a pre-tax profit of Birr 1.42 billion for the 2024/25 fiscal year, marking a 34 percent increase compared to the previous year.

Infinix Ethiopia has signed a Memorandum of Understanding (MoU) with Addis Ababa Tegbare Id Polytechnic College to strengthen collaboration between industry and academia through student internships, teacher training, and technology-based skill development programs.

Nib International Bank Share Company has reported a pre-tax loss of Birr 2.9 billion for the fiscal year ended 2024/25, marking a significant financial setback largely attributed to foreign exchange revaluation losses.

The National Bank of Ethiopia (NBE) has directed all commercial banks to compile and submit information on customers who use personal bank accounts for business or illicit purposes.

The Ethiopian Mineral Corporation (EMC) and Sunbird Bioenergy Africa have signed a Memorandum of Understanding (MoU) to advance Ethiopia’s renewable energy and biofuel production, marking a significant milestone in the country’s green economic transformation.

Prime Minister Abiy Ahmed (PhD) announced that civil works on the Koisha Power Generation Project have reached 70 percent completion, marking a major milestone for one of Ethiopia’s flagship energy initiatives.

The Ministry of Finance has confirmed that negotiations with private creditors over Ethiopia’s USD 1 billion Eurobond, due in 2024, have collapsed without a deal, intensifying the country’s ongoing debt restructuring challenge under its IMF program.

The Gamo Development Association has unveiled a Birr 50 million modernization project at the historic Arba Minch Crocodile Ranch, the first crocodile farm in East Africa, originally established in 1983 for tourism, biodiversity conservation, research, and job creation.

Ethiopia has secured USD 110 million in financing from the European Investment Bank (EIB) to support the third phase of the Rural Financial Intermediation Program (RUFIP III), aimed at expanding access to finance in rural areas and advancing agricultural transformation.