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Kenya Airways, based in Nairobi, is striving to recover over USD 11.6 million currently held in Ethiopia due to foreign exchange restrictions.

Kenya Commercial Bank (KCB) revealed that it had intentions to join Ethiopia’s financial market. Representatives of the bank which included its CEO and CFO paid a visit to Ethiopian Investment Commission today. They appreciated Ethiopia’s decision to open up its financial sector for foreign investors.

In September this year, the Council of Ministers approved a policy to open up the banking sector to foreign investment aiming to increase the competitiveness, effectiveness, and efficiency of the financial sector. The National Bank of Ethiopia has been preparing to invite international financial institutions into the Ethiopian financial sector for a long time. The preparation includes amendment of regulations and change of supervision system.

KCB was established in 1896. It currently operates in seven countries and has 30.1 million customers.

Source (including image): Ethiopian Investment Commission

Additional source: KCB

Kenya’s electricity imports from neighboring Ethiopia have surged by 88% in the first half of 2024, according to a report released by the Kenya National Bureau of Statistics (KNBS). This increase marks a major shift in Kenya’s energy import strategy as the country seeks to meet rising electricity demand.

Kenya's plan to import electricity from Ethiopia faces potential roadblocks due to the worsening energy crisis in the nation. The Energy and Petroleum Regulatory Authority (EPRA) is concerned that power shortages in Addis Ababa could disrupt supply to Nairobi, potentially forcing a renegotiation of the 25-year power purchase agreement (PPA) signed in July 2022.

Kenya is set to increase its energy imports from Ethiopia, as the two neighbors activate a bilateral agreement on power trade.