Lion International Bank has announced a pre-tax profit of 940.7 million birr for the recently concluded financial year, marking a significant growth of 26% compared to the previous year. This robust performance underscores the bank’s resilience and commitment to serving its customers amid challenging economic conditions.

The bank’s financial report highlights that it provided loans totaling 5.4 billion birr during the fiscal year, successfully recovering the same amount from loan repayments. This effective management of loans has contributed to the bank’s impressive profit figures.

Lion Bank’s paid-up capital has reached 3.1 billion birr, while its total assets stand at an impressive 43.1 billion birr. The bank also raised 8.3 billion birr in deposits, bringing its total deposits to 35.6 billion birr as of June 30, 2024.

In a significant achievement, Lion Bank opened over 310,000 new accounts in the last fiscal year, increasing its total number of depositor customers to more than two million. This growth reflects the bank’s ongoing efforts to enhance customer engagement and accessibility.

Furthermore, the bank reported a surge in users of its digital and agent banking services, which now number approximately 998,000. The launch of the “Lion School Pay” app has facilitated tuition payments for parents, showcasing the bank’s commitment to leveraging technology for improved customer service.

In addition to its financial achievements, Lion Bank is dedicated to fulfilling its social responsibilities. During the fiscal year 2023/24, the bank allocated approximately 28 million birr—about 2% of its pre-tax profits—to support various organizations and initiatives within the community.

To further enhance its services, Lion Bank has opened 18 new branches, bringing its total number of branches to 306 by June 30, 2024. The bank is also focused on improving cash flow services by installing 80 cash payment ATM machines in various locations across the city.

With a workforce of 6,365 employees, Lion Bank is contributing significantly to job creation in Ethiopia. The bank’s expansion and commitment to customer service are expected to have a positive impact on the local economy while providing essential banking services to a growing population.

In a bold move to harness the untapped potential of Ethiopia’s lowlands, the government is initiating a series of irrigation projects designed to capitalize on the region’s abundant natural resources. With a focus on sustainable development and climate resilience, these initiatives aim to transform the agricultural landscape and improve food security for millions of Ethiopians.

The lowlands of Ethiopia are rich in resources suitable for irrigation, yet they have remained largely underutilized. Recognizing this potential, the Minister of Irrigation and Lowland Areas, Abraham Belay, has announced the first International Irrigation and Climate Change Resilient Productivity Conference in Ethiopia. This landmark event aims to bring together experts, policymakers, and stakeholders from around the globe to discuss innovative strategies for irrigation development.

“The country has the experience to fully develop its natural resources,” Abraham stated, emphasizing Ethiopia’s commitment to leveraging its agricultural potential. The conference is expected to serve as a platform for sharing knowledge and best practices while fostering collaboration among various sectors.

The upcoming conference will attract a diverse audience, including former heads of state, current leaders from African nations, and senior officials from international organizations such as the World Bank and the African Union. This high-profile gathering underscores the importance of addressing irrigation challenges in the face of climate change and food insecurity.

State Minister Tesfaye Yigezu highlighted that the conference will not only enhance irrigation development but also address macroeconomic ruptures that have hindered progress in the past. By focusing on sustainable practices and innovative solutions, Ethiopia aims to position itself as a leader in climate-resilient agriculture.

Ethiopia has made significant strides in developing its capacity to implement large-scale irrigation projects efficiently. The Ministry of Irrigation has established internal standards and implementation strategies that are ready to be deployed across various regions. This readiness is crucial as the nation seeks to expand its agricultural output and ensure food sovereignty for its growing population.

The commitment to strengthening coordination systems reflects a broader strategy aimed at fulfilling the Ethiopian pastoral development policy and strategy. By enhancing infrastructure and resource management in lowland areas, the government hopes to create a more resilient agricultural sector capable of withstanding climate-related challenges.

Food sovereignty remains a pressing issue in Ethiopia, where many communities rely heavily on agriculture for their livelihoods. The new irrigation projects are designed not only to increase crop yields but also to empower local farmers by providing them with the tools and resources needed to thrive.

As Ethiopia grapples with rising food prices and supply chain disruptions exacerbated by climate change, ensuring access to water for irrigation becomes increasingly critical. The government’s proactive approach aims to mitigate these challenges by investing in sustainable water management practices that benefit both farmers and consumers alike.

While optimism surrounds these initiatives, challenges remain. The success of irrigation projects will depend on effective implementation, ongoing support from international partners, and engagement with local communities. It is essential that farmers are included in the planning process to ensure that their needs are met and that they can fully benefit from these developments.

Moreover, addressing potential environmental impacts will be crucial as Ethiopia embarks on this journey toward sustainable irrigation. Balancing agricultural expansion with ecological preservation will require careful planning and monitoring.

By prioritizing sustainable practices and empowering local communities, Ethiopia can pave the way for a more resilient agricultural sector capable of meeting the demands of its growing population. As global leaders gather in Addis Ababa to discuss these critical issues, there is hope that Ethiopia’s commitment to harnessing its natural resources will lead to lasting positive change for its people and its economy.

With determination and strategic vision, Ethiopia can transform its lowlands into thriving agricultural hubs that not only ensure food security but also contribute to economic growth and social stability. The time for action is now; let us embrace this opportunity to build a brighter future for all Ethiopians through sustainable resource management and innovation.

Global Bank Ethiopia has announced a pre-tax profit of 1.03 billion birr for the last fiscal year, marking a significant achievement in the bank’s growth trajectory. The bank reported impressive revenue exceeding 4 billion birr, reflecting a robust increase of 37% compared to the previous year.

Despite facing challenging economic conditions both locally and globally, Global Bank’s CEO, Tesfaye Boru, highlighted the bank’s ability to save over 1 billion birr before taxes and other deductions during the current fiscal year. “This remarkable performance demonstrates our resilience and commitment to navigating the complexities of the financial landscape,” he stated.

According to the bank’s report, its paid-up capital reached 2.48 billion birr, representing a 22% increase from the previous year. Additionally, deposits surged to 18.22 billion birr, showcasing strong customer confidence in the bank’s services.

The net profit for the year was recorded at 757.5 million birr, with a notable dividend yield of 33.2%. The bank issued loans totaling 15.7 billion birr during the fiscal year, maintaining a low default rate of just 2%.

In a move to bolster its operational capabilities, Global Bank announced that it has acquired over 5,550 square meters of land from the Addis Ababa City Administration in the Mexico area for the construction of its new headquarters. This strategic investment is expected to enhance the bank’s infrastructure and service delivery.

Global Bank Ethiopia’s strong financial performance and strategic initiatives underscore its commitment to growth and customer satisfaction in an evolving economic environment. As it continues to expand its operations and enhance its service offerings, the bank remains poised to play a pivotal role in Ethiopia’s financial sector.

The Ethiopian government is taking significant steps toward promoting electric vehicle (EV) use by granting permission to more than ten investors interested in establishing electric vehicle charging stations across the country. This initiative comes in response to the government’s recent ban on the import of petrol-powered vehicles, signaling a commitment to sustainable transportation solutions.

According to the Addis Ababa City Transport Bureau, discussions are underway regarding the development of these charging stations, and a decision on the investors’ applications is expected soon. The government aims to create a climate-resilient transportation system that is both accessible and efficient.

Yabebal Addis, Head of the City Transport Bureau, announced that 100 electric vehicles will be imported into Addis Ababa shortly, which he believes will significantly modernize the city’s transport system. “There are more than 10 investors who have applied to engage in this project, and we anticipate a large EV charging station in the city,” he stated.

The Petroleum and Energy Authority at the federal level, along with the Ethiopian Electric Utility (EEU), is collaborating with city administration officials to select suitable locations for these charging stations. Yabebal emphasized the importance of developing a master plan for EV charging stations in Addis Ababa, noting that as global technology advances, Ethiopia must keep pace with these developments.

This initiative was highlighted during discussions on improving traffic control and parking management systems in Addis Ababa. The integration of electric vehicles into the transportation network is seen as a critical step toward achieving environmental sustainability.

To facilitate seamless transactions related to electric vehicle purchases and charging services, Utopia Technology has entered into a digital payment partnership with the Commercial Bank of Ethiopia and Tele Birr. This collaboration aims to streamline payment processes for customers, enhancing their overall experience.

Kebew Mideksa, Chief Director of Addis Ababa Traffic Management Authority, remarked that the new technology not only reduces costs associated with traditional traffic control but also alleviates the burden on citizens by simplifying regulatory processes.

The introduction of electric vehicle infrastructure is expected to create numerous job opportunities within the sector. With a technology team composed of experienced professionals, Utopia Technology aims to contribute significantly to Ethiopia’s digital economy while promoting sustainable practices.

As Ethiopia embarks on this transformative journey toward electric mobility, it is essential for all stakeholders—government officials, businesses, and consumers—to collaborate effectively. By fostering an environment conducive to innovation and sustainability, Ethiopia can pave the way for a cleaner and more efficient transportation system.