Ethio Investment Insider

The Renowed credit Rating Agency "Fich " Downgraes Ethiopia's Long term Foreign -Currency IDR to 'CC'.

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Development Bank of Ethiopia announced that, it managed to lower its NPL to 7.1 %. The development bank of Ethiopia have just announced that it manged to lower it's NPL( Non performing loan ) to 7.1% which us a huge move from 40% in 2019. The bank Presedent Dr. Yohannes Ayalew announced in an event which aim to launch a Interest free banking service of the bank. This figure (7.1%) is much lower than the debt sealing of 15% put by the bank as a Non performing Loan. The president also mention the Desolvement of the bank were on the sight four years back but now it becomes one of the best performing bank in the country. EII.

Ethiopian authorities discuss release of $1.3 billion suspended loan with Chinese counterparts Ethiopian Finance Minister Ahmed Shede (left) spearheaded a delegation that recently held a crucial meeting with Wu Fulin, Chairman of China Export-Import Bank, with the objective of addressing the withheld loan disbursement amounting to $1.3 billion (Photo: MoF/Facebook) Addis Abeba – Ethiopian Finance Minister Ahmed Shede led a delegation that recently held a crucial meeting with Wu Fulin, Chairman of the China Export-Import Bank. The objective of their discussion was to address the withheld loan disbursement totaling $1.3 billion by Chinese financial institutions and the federal government. On 19 October, 2023, the Ministry of Finance announced that the delegation’s efforts have garnered a positive response from the executives of China Exim Bank during a meeting held on the sidelines of the Third Belt and Road Forum, which took place from 17–18 October, 2023. Currently, financial institutions including China Exim Bank, China Development Bank and the Industrial and Construction Bank of China have suspended the disbursement of loans totaling over $758 million while the Chinese government evaluates Ethiopia’s debt status. The Chinese government is also withholding an additional $576 million, as detailed in the Ministry of Finance’s June 2023 Public Sector Debt Statistical Bulletin. The loan is expected to be disbursed after the Chinese government concludes its analysis of Ethiopia’s total debt. Ethiopia submitted the required documents for the debt assessment three years ago and has been eagerly anticipating a response from Chinese financial institutions and the government since then. The Ministry of Finance has stated that the two parties have engaged in discussions regarding the negotiation of Ethiopia’s debt restructuring with the Chinese government. The decision of the Chinese state-owned banks to withhold loan disbursement has caused significant delays in Ethiopia’s infrastructure development, impacting at least eight major projects. One project affected by the freezing of funds is the 10-kilometer-long Kality to Tulu Dimtu highway. China Exim Bank had initially approved $103 million in loans to contribute to the project’s costs, but disbursement abruptly halted in 2021. After over a year of suspension, the construction of the highway finally commenced due to the allocation of 267 million birr for the project by the Addis Ababa city administration nearly two years ago. Chinese banks did not disburse any loans to Ethiopia in the years 2021 and 2022. However, in the current year, they have disbursed a mere $26 million. However, President Xi Jinping announced recently that China would provide Ethiopia with one year of debt service relief. On the sidelines of the Third Belt and Road Forum, the Ethiopian delegation also had the opportunity to meet with senior managers of the China Development Bank, another major financier of infrastructure projects in Ethiopia. Accompanied by top government officials, Prime Minister Abiy Ahmed arrived in Beijing, China, on 16 October, 2023, to participate in the two-day Belt and Road Forum. Following his arrival, Ethiopia and China announced the advancement of their existing bilateral relations to an “all-weather strategic cooperation partnership.” Prime Minister Abiy engaged in discussions with his Chinese counterparts, President Xi Jinping and Prime Minister Li Qiang. He also oversaw the signing of 12 cooperation agreements between Ethiopia and China. Currently, Ethiopian authorities are also engaged in discussions with the creditors’ committee under the Group of 20’s Common Framework. Unfortunately, progress has been impeded by a civil war that broke out in November 2020 and has continued for two years. Ongoing discussions with development partners, mainly the Bretton Woods institutions, are still underway. The IMF, World Bank, and Paris Club countries collectively make up 75% of Ethiopia’s total external debt, which amounts to $28 billion. Source: Addis standard EII

Ethiopia Gears Up to Host The Second Africa Trade and Investment Summit. Ethiopia will host the second Africa Trade and Investment Summit (ATIS) on December 4, 2023, at the Skylight Hotel in Addis Ababa. The summit, organized by the Investment Center of Africa Ltd., is expected to attract over 300 participants from government, business, and the investment community across Africa.  Under the theme of "Driving African Economic Development through sustainable trade and investment opportunities," the summit will showcase success stories and best practices from entrepreneurs and investors that are making a positive impact in Africa, as disclosed in a press release sent to ENA. Participants will also have the opportunity to learn from experts on navigating the regulatory and policy landscape in Africa. The summit is open to government agencies involved in the sectors of finance and banking, technology and telecommunications, manufacturing and suppliers, energy and mining, traders and exporters, investment professionals, and entrepreneurs. EII.

Deloitte Set to Return to Addis Ababa After Six Years Absence British consultancy giant Deloitte is set to reestablish its presence in Addis Ababa, marking a return to the Ethiopian market after a six-year hiatus. The firm is preparing to open a new office in the bustling Bole district of the capital city, with Tewodros Sisay, previously associate director in charge of the corporate finance and business advisory team in Kenya, appointed as the partner in charge of operations. The multinational consultancy firm, one of the "Big Four" alongside KPMG, PwC, and EY, had ceased direct operations since breaking away from its local partner HST in 2017. At the time, legislation prohibited foreign investors from opening a subsidiary. Since restrictions were eased in 2020, foreign consulting giants are now allowed to join domestic firms in offering their audit services in Ethiopia. Deloitte Africa’s re-entry, according to its first woman CEO Ruwayda Redfearn, aligns with its East Africa expansion strategy. The company previously had a presence in Ethiopia but withdrew from the market due to various challenges, including political instability and regulatory issues. Ethiopia’s recent progress in political stability and reforms have gained the firm's interest once more. According to Business Daily, the government’s commitment to liberalizing key sectors, notably telecommunications and banking, has made it an attractive hub for international investors and consulting entities. Deloitte's renewed presence promises a wealth of opportunities for Ethiopia's private sector. By offering insightful guidance, technical proficiency, and advisory services, Deloitte aims to empower local businesses amidst the evolving economic environment. The move underscores Deloitte's confidence in Ethiopia's growth trajectory and affirms the nation's appeal as a hub for international business ventures.  Source : Telegraph EII.

Breaking..... ከ40 ሚሊየን ብር በላይ የሚያወጣ ፌሮ ብረት ከቀረጥ ነጻ አስገብቷል የተባለ ግለሰብ በሙስና ወንጀል ተከሰሰ አዲስ አበባ፣ መስከረም 24፣ 2016 (ኤፍ ቢ ሲ) ሐሰተኛ ሰነዶችን በመጠቀም ከ40 ሚሊየን ብር በላይ የሚያወጣ ፌሮ ብረት ከቀረጥ ነጻ ወደ ሀገር ውስጥ አስገብቷል የተባለው ግለሰብ ላይ ተደራራቢ የሙስና ወንጀል ክስ ቀርቦበታል። ክሱ የተመሰረተው በፌደራል ከፍተኛ ፍ/ቤት ልደታ ምድብ 3ኛ የሙስና ወንጀል ጉዳዮች ተረኛ ችሎት ነው። ዮሴፍ ዳዊት ሖማ የተባለው ተከሳሽ በኦሮሚያ ክልል ሸገር ሲቲ ከተማ ቡራዩ ክ/ከተማ ነዋሪ ሲሆን÷ የፍትህ ሚኒስቴር የሙስና ወንጀሎች ጉዳይ ዳይሬክቶሬት ዐቃቤ ሕግ ሁለት ተደራራቢ ክሶችን አቅርቦበታል። በአንደኛው ክስ ላይ ተከሳሹ በ2008 ዓ.ም የወጣውን የንግድ ምዝገባና ፈቃድ አዋጅ ቁጥር- 980/2008 በአንቀፅ- 49 ንዑስ ቁጥር 3 ስር የተደነገገውን ድንጋጌ ተላልፏል የሚል ክስ ነው የቀረበበት። ተከሳሹ ሀሰተኛ መረጃዎችን በማቅረብ፣ የንግድ ምዝገባና ፈቃድ ለማውጣት መስከረም 19 ቀን 2015 ዓ/ም ለኢትጵያ አንቨስትመንት ኮሚሽን ዋይኤ ሆቴል ኤንድ ሪዞርት ኃላ/የተ/የግ/ማህበር በሚል ስያሜ በውጪና በሀገር ውስጥ ባለሃብት ቅንጅት ለማቋቋም እና ድርጅቱን በስራ አስኪያጅነት ለመምራት የንግድ ምዝገባ ማመልከቻ ማቅረቡን ዐቃቤ ህግ በክሱ ጠቅሷል። ኮሚሽኑ ማመልከቻውን በመቀበል የሚቋቋመውን ድርጅት የአቅም ማሳያ የሚሆን የተከፈለ ካፒታል እና በማህበሩ ስም በውጭ ምንዛሬ አካውንት የተቀመጠ ገንዘብ ከባንክ እንዲያቀርብ መጠየቁም በክሱ ተመላክቷል። ተከሳሹ በመስከረም 30 ቀን 2015 ዓ.ም ከአዋሽ ባንክ በተጠቀሰ ሂሳብ ቁጥር ለኢትዮጵያ ኢንቨስትመንት ኮሚሽን የተጻፈና በሆቴሉ ስም ተከፍቶ በሂሳብ ቁጥር 7 ሚሊየን 890 ሺህ ብር ገቢ የተደረገ መሆኑን የሚገልፅ የባንክ ሰነድ ማቅረቡ በክሱ ላይ ተጠቅሷል። በተመሳሳይ ቀን ከአዋሽ ባንክ ለኢትዮጵያ ኢንቨስትመንት ኮሚሽን እንደተፃፈ የሚገልፅ ዋይኤ ሆቴል ኤንድ ሪዞርት ኃላ/የተ/የግ/ማህበር ሥም በተከፈተ የውጭ ምንዛሬ አካውንት ደግሞ 150 ሺህ ዶላር ገቢ መሆኑን የሚገልፅ የባንክ ሰነድ ማቅረቡ በክሱ ተዘርዝሯል። ተከሳሹ ይህንን ሰነድ ለኢትዮጵያ ኢንቨስትመንት ኮሚሽን በአካል ያቀረበ መሆኑን የጠቀሰው ዐቃቤ ህግ ተከሳሹ ከአዋሽ ባንክ ያቀረባቸውን የአቅም ማሳያ የሆኑትን የባንክ መግለጫዎችን እና ሌሎች ሰነዶችን ኢንቨስትመንት ኮሚሽን ከተከሳሽ ተቀብሎ ተከሳሹ በሥራ አስኪያጅነት የሚያስተዳደረውና ዋይኤ ሆቴል ኤንድ ሪዞርት ኃላ/የተ/የግ/ማህበር በሚል የንግድ ድርጅት ስያሜ በንግድ ፈቃድ ቁጥር የንግድ ምዝገባ ምስክር ወረቀትና የውጭ ባለሃብት የኢንቨስትመንት ፈቃድ በጥቅምት 4 ቀን በቀን 2015 ዓ.ም የሰጠው መሆኑ ተመላክቷል። ነገር ግን ተከሳሹ የንግድ ምዝገባውን በኢትዮጵያ ኢንቨስትመንት ኮሚሽን ለማከናወን ከአዋሽ ባንክ ያቀረባቸው የአቅም ማሳያ የባንክ ሰነዶች ከባንኩ ያልተሰጡና ሀሰተኛ ማስረጃዎች መሆናቸው የተረጋገጠ በመሆኑ፤ በፈፀመው ሀሰተኛ የንግድ ምዝገባ ማስረጃዎችን በማቅረብ በንግድ ምዝገባ መመዝገብ ወንጀል ክስ ቀርቦበታል። በሁለተኛው ክስ ደግሞ ዐቃቤ ህግ በተከሳሹ ላይ በ2007 ዓ .ም የወጣውን የሙስና አዋጅ ቁጥር 881/2007 በአንቀፅ 23 ንዑስ ቁጥር 1 (ሀ) እንዲሁም ንዑስ ቁጥር 2 እና 3 ስር የተደነገገውን ድንጋጌ በመተላለፍ ከባድ የሙስና ወንጀል ክስ አቅርቦበታል። በ2ኛው ክስ እንደተመላከተው ተከሳሹ ሀሰተኛ የአዋሽ ባንክ ማስረጃዎች በማቅረብ ዋይኤ ሆቴል ኤንድ ሪዞርት የሚባል የንግድ ድርጅት ካስመዘገበ እና የኢንቨስትመንት ፈቃድ ከወጣ በኋላ በድርጅቱ ስም ባለ ኮኮብ ደረጃ ሆቴል ለማስገንባት ቅድመ ሁኔታዎችን እንደጨረሰና ለግንባታውም 8 ሺህ 500 ቶን ፌሮ ብረት እንደሚያስፈልገው የኢትዮጵያ ኢንቨስትመንት ኮሚሽን የአገልግሎት ፕሮጀክቶች ማበረታቻ ክፍልን መጠየቁ በክሱ ዝርዝር ተገልጿል። የፌሮ ብረቱንም ከቀረጥና ታክስ ነፃ እንዲገባ እንዲፈቀድለት ከአዲስ አበባ ከተማ አስተዳደር የመሬት ይዞታ ምዝገባና መረጃ ኤጀንሲ የቂርቆስ ክ/ከተማ ጽ/ቤት በይዞታ መለያ ቁጥር እና የሴሪ ቁጥር የተጠቀሰበት በመጋቢት 12 ቀን 2015 ዓ.ም ዋይኤ ሆቴል ኤንድ ሪዞርት ለተባለ ድርጅት እንደተሰጠ የሚገልፅ የመሬት ይዞታ መብት ማረጋገጫ ምስክር ወረቀት ማቅረቡም ዐቃቤ ህግ በክሱ ጠቅሷል። በተጨማሪም ÷ተከሳሹ ከአዲስ አበባ ከተማ የግንባታ ፈቃድና ቁጥጥር ባለሥልጣን በቁጥር በጥቅምት 15 ቀን 2015 ዓ/ም በዋይኤ ሆቴል ኤንድ ሪዞርት ኃላ/የተ/የግ/ማህበር ለተባለ ድርጅት ለሆቴል አገልግሎት ባለ 12 ወለል ሕንጻ ለመገንባት የግንባታ ፈቃድ ምስክር ወረቀት እንደተሰጠው የሚገልፅ ሰነድ እንዲሁም ሌሎች አስፈላጊ ሰነዶችን በማያያዝ በታህሳስ ወር 2015 ዓ.ም ማመልከቱ ተጠቅሷል። የኢትዮጵያ ኢንቨስትመንት ኮሚሽን ለሆቴሉ ግንባታ ያስፈልጋል በማለት ተከሳሹ ካቀረበው የብረት መጠን ውስጥ በመጀመሪያ ዙር 1 ሺህ 500 ቶን ባጠቃላይ 40 ሚሊየን 665 ሺህ 842 ብር ከ41 ሳንቲም ቀረጥና ታክስ ሊያስከፍል የሚችል ፌሮ ብረት ከቀረጥና ታክስ ነፃ እንዲያስገባ እንዲፈቀድለት ለገንዘብ ሚኒስቴር በጻፈው ደብዳቤ መሰረት ተከሳሹ 256 በንድል ብረት በድሬዳዋ ጉምሩክ ቅርንጫፍ ጽ/ቤት በኩል ወደ ሀገር ውስጥ ያስገባ መሆኑ ተመላክቷል። ነገር ግን ተከሳሹ የተጠቀሰውን ፌሮ ብረት ከቀረጥና ታክስ ነፃ ወደ ሀገር ውስጥ ለማስገባት እንዲፈቀድለት ያቀረባቸው የይዞታ ማረጋገጫ ካርታ እና የግንባታ ፈቃድ የምስክር ወረቀት ሐሰተኛ መሆናቸው መረጋገጡን ዐቃቤ ህግ በክሱ ላይ ዘርዝሯል። በመሆኑም ተከሳሹ በፈፀመው መንግስታዊ ሰነዶችን አስመስሎ ማዘጋጀት ወይም በሀሠተኛ ሰነድ መገልገል ከባድ የሙስና ወንጀል ክስ ተመስርቶበታል፡፡ ተከሳሹ ተረኛ ችሎት ቀርቦ ክሱ እንዲደርሰው የተደረገ ሲሆን÷ በቀረበበት በክስ ላይ የዋስትና ክርክር ለማድረግ እንዲያስችል ለጥቅምት 2 ቀን ተቀጥሯል። EII.