Ethiopian Business News

Ethiopia has moved closer to completing the restructuring of its USD 1 billion Eurobond after official creditors approved a preliminary agreement reached between the government and private bondholders, the Ministry of Finance announced.

The National Bank of Ethiopia (NBE) has announced plans to establish a central Shari’ah Advisory Board to strengthen governance and oversight of the country’s growing interest free banking sector.

China’s Zijin Gold International has acquired approximately 9.2 percent of Canadian mining company Allied Gold Corporation, giving the company indirect exposure to major gold assets including the Kurmuk project in western Ethiopia.

Ethiopian and Chinese businesses have signed 33 trade agreements worth more than USD 340 million as part of efforts to expand bilateral trade and increase Ethiopia's exports to the Chinese market.

The Ministry of Water and Energy has signed a contract worth more than Birr 933.6 million with Bigeta Business PLC for the drilling and construction of water wells in Angacha Woreda, Kembata Zone, Central Ethiopia Regional State.