Ethiopian Airlines Secures $450 Million Loan for Fleet Expansion with Citi’s Support

Ethiopian Airlines, the largest carrier in Africa, has recently revealed a significant milestone in its growth strategy—an agreement for a USD $450 million loan to fund the acquisition of five new Boeing aircraft. The deal comprises three Boeing 737-8 and two Boeing 777F (Cargo) planes. Facilitated by Citi’s Corporate Banking and Export Agency and Finance … Read more

Safaricom’s M-PESA Continues to Soar, Driving Profits Amidst Price Reductions

In a financial landscape where adaptation is key, Safaricom’s M-PESA remains the crown jewel, contributing 42.1% to the telco’s revenue in the six months ending September 2023. This marks an uptick from 39.3% during the same period in 2022, showcasing the enduring strength of mobile financial services. Profitability on the Rise Safaricom’s financial report for … Read more

East Africa Faces Cereal Production Challenges Due to Erratic Rainfall and Insecurity

Overview: FAO Warns of Below-Average Cereal Production The Food and Agriculture Organization (FAO) has raised concerns about below-average cereal production in the East African region. Erratic rainfall patterns and insecurity are cited as key factors affecting the 2023 main season cereal crops. Mixed Production Prospects in Northern Subregion In the northern parts of the subregion, … Read more

Addis-Djibouti Road Upgrade Set to Boost Ethiopia’s International Trade

American truck speeding on freeway. Blurred motion.

Ethiopia, in its pursuit of economic expansion and global competitiveness, is taking a significant step forward with the approval of a $730 million loan from the International Development Association, a division of the World Bank Group. The funds will be utilized to upgrade the crucial road link between Addis Ababa and the port city of … Read more