- Shega Weekly
- Posts
- Issue 166: Macron Lands & Macro Shifts
Issue 166: Macron Lands & Macro Shifts
Hello
French President Emmanuel Macron touched down in Ethiopia on Saturday, coinciding with his birthday. PM Abiy Ahmed greeted him with a cake and a hug.
During his visit, Macron held a joint press conference at the newly renovated Ethiopia's National Palace, backed the Pretoria agreement, and threw his weight behind Ethiopia’s debt restructuring plans.
"The past week witnessed the passage of a new banking law by parliament, allowing foreign entities to enter Ethiopia's financial sector. Concurrently, the World Bank approved a $700 million credit to strengthen the country’s financial sector.
Our roundup also covers members of the Addis Ababa Chamber of Commerce and Sectoral Associations crying foul and the launch of the Aba QR Code app by Amhara Bank.
France's Macron backs Ethiopia's debt restructuring efforts
French President Emmanuel Macron expressed full support on Saturday for Ethiopia's debt restructuring efforts, emphasizing the need for a swift resolution "in the coming weeks". Read more.
Ethiopian Opens Financial Sector to Foreign Banks
Nearly fifty years after the last batch of foreign banks in Ethiopia terminated operations after the rise of the Socialist regime, Parliament has ratified a bill opening the sector back to foreign investors. Read more.
Businesses Allege Gov’t Influence Behind Sweeping Regulatory Changes in Addis Chamber
Members of the Addis Ababa Chamber of Commerce and Sectoral Associations say their electoral procedures have come under undue pressure from the City Administration. Read more.
High-Level Starbucks Delegation Visits Ethiopia Under the Radar
High-ranking executives from Starbucks, the world’s largest coffee chain, have made a discreet visit to Ethiopia, the continent’s leading coffee producer. Read more.
Reimagining Interoperability for Inclusive Payment Systems
EthSwitch's role goes beyond ATM interoperability. The national switch operator plays a crucial role in building trust, reducing costs, and fostering financial inclusion throughout Ethiopia. Read more.
NBE’s New QR Code Standard Spurs Amhara Bank’s Aba QR
Amhara Bank has launched its Aba QR app, which is designed to simplify digital transactions for customers and merchants. Read more.
World Bank Approves 700$ Million Credit to Clean Up Ethiopia’s Financial Sector
On Thursday, the World Bank announced the approval of a $700 million credit line for Ethiopia under the Financial Sector Strengthening Project. Read more.
CBE to Conduct Social Risk Assessment Ahead of Downsizing
The Commercial Bank of Ethiopia (CBE) will conduct a comprehensive social risk assessment before implementing branch closures as part of its restructuring under the 700 million US dollars World Bank-backed Financial Sector Strengthening Project (FSSP). Read more.
Ethiopia Unveils First-Ever National Bioeconomy Strategy
Aiming to advance research and innovation towards building a robust bioeconomy, Ethiopia launched its first-ever Bioeconomy Strategy on Friday. Read more.
Problems with Your Bank? National Bank of Ethiopia’s New Online Platform is Here to Help
The National Bank of Ethiopia has launched an online platform and a dedicated hotline to help customers file complaints against financial institutions. Read more.
The $1 Billion 'Electricity Highway' That Allows Ethiopia, Kenya to Share Their Power
The Ethiopia-Kenya Electricity Highway network comprises 650 miles of transmission lines that allow electricity to flow between Ethiopia and Kenya. It means that the two East African countries, which rely on renewable energy sources, have access to backup supplies from their neighbor. Read more.
Reply