Saturday, May 9, 2026
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First International Institution Applies for Investment License in Ethiopia

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In a landmark development for Ethiopia’s financial sector, the Ethiopian Capital Market Authority (ECMA) has announced that the first international institution has formally submitted an application for a license to operate in the country’s emerging capital market.

The move marks a significant milestone in Ethiopia’s efforts to liberalize its financial system, attract foreign investment, and modernize capital market infrastructure.

Hana Tehelku, Director General of ECMA, told Capital that although several international firms have expressed interest, one major institution has now completed the preliminary requirements and formally lodged its application.

“We have received the first official application from an international institution and completed the initial documentation process,” Hana said. The name of the company has not yet been disclosed.

She described the development as a strong signal of growing international confidence in Ethiopia’s ongoing economic reforms and in the future of the Ethiopian Securities Exchange (ESX).

For decades, Ethiopia’s financial sector remained one of the most closed in the world, dominated by state-owned institutions and a limited number of domestic private banks. However, under the government’s Homegrown Economic Reform agenda, efforts are underway to open the sector and strengthen market-based financial systems. The establishment of ECMA and the launch of the Ethiopian Securities Exchange are central pillars of this transformation.

The entry of international institutions is expected to bring not only fresh capital but also global expertise, advanced technology, and strengthened compliance standards. Such knowledge transfer is considered critical for a nascent capital market seeking credibility and long-term stability.

ECMA emphasized that licensing is far more than a procedural formality. The process is rigorous and designed to ensure that only competent and transparent institutions enter the market.

“Licensing is not simple. More than 16 supporting documents are required,” Hana explained, adding that the Authority conducts a comprehensive and careful review to ensure the regulatory framework remains robust.

To date, 16 institutions have been licensed across investment banking, advisory, and brokerage services. Most are subsidiaries of local banks, including CBE Capital and Wegagen Capital. The entry of an international institution is expected to introduce new standards of competition and service quality.

One of the key objectives of attracting internationally experienced firms is to unlock Ethiopia’s vast, underutilized economic potential. Currently, much of the economy is composed of private limited companies (PLCs), family-owned businesses, and private investors. For these enterprises to scale and contribute more significantly to national growth, many will need to transition into joint-stock companies and raise capital from the public.

“Thousands of companies have expressed interest in registration,” the Authority noted. “However, converting from a private limited company to a joint-stock company requires significant professional support to meet public fundraising standards.”

Such a transition can take between six and eighteen months, involving financial readiness assessments, corporate governance restructuring, and independent audits.

ECMA dismissed concerns that foreign entrants could crowd out domestic firms. “Our licensing process is non-discriminatory. As long as applicants meet the criteria, they are welcome,” Hana stated. “Foreign firms bring global expertise and technology, while local institutions possess strong knowledge of the domestic market. The two are complementary.”

Interest is also growing across more than 15 licensing categories, particularly among prospective fund managers. ECMA expects demand to accelerate once the Collective Investment Schemes Directive is issued.

In a related development, the Authority recently granted a corporate investment advisory license to BDO Consulting PLC, bringing the total number of licensed advisory firms to nine.

Million Kibret, Managing Partner of BDO Ethiopia, told Capital that the new license introduces an alternative to the long-standing dependence on bank financing. “Investment securities advisory services allow businesses to raise capital beyond traditional bank loans and expand through capital market instruments,” he said.

With the addition of BDO Consulting, the total number of licensed capital market service providers in Ethiopia now stands at 16 — a figure expected to grow as reforms continue to gain momentum.

Making Ebola Vaccines refrigerator-ready for Africa’s next crisis

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Hilleman Laboratories is stepping into a critical gap in global epidemic preparedness, and its latest work on a more deployable Ebola vaccine could be a game-changer for Africa and other vulnerable regions. In this exclusive interview with Capital, Dr. Raman Rao, MD MBA, Chief Executive Officer of Hilleman Laboratories, explains how the company is leveraging flexible “biosecure ballroom” manufacturing, cutting-edge process innovation and strategic partnerships to make life-saving vaccines more affordable, more stable and easier to deploy in low- and middle-income countries.

With more than two decades of experience in vaccine R&D and manufacturing across leading global pharma and biotech firms, Dr. Rao now oversees a portfolio that spans dengue, norovirus, zika, polio and other high-impact infectious diseases. As Co-Chair of WHO’s Product Development for Vaccines Advisory Committee and a board member of major global health organisations including PATH and the International Vaccine Institute, he sits at the intersection of science, policy and access. In the conversation that follows, he discusses how CEPI’s latest funding, Singapore’s agile lab infrastructure and a network of industry partners are being mobilised to ensure that an improved, more thermostable Ebola vaccine can reach frontline health workers and at-risk communities before the next major outbreak strikes. Excerpts;

Capital: How does the flexible “biosecure ballroom” design enable rapid pivots between vaccine targets?

Raman Rao: Our Singapore hub is built for agile manufacturing, allowing us to be able to reconfigure suites and equipment for different vaccine or biologics programs without rebuilding the facility. In practical terms, that flexibility comes from compact, configurable layouts and portable, skid-mounted, single-use systems, which reduce changeover time and lower cross-contamination risk.

The facility is also designed for parallel production in controlled, isolated suites, so one vaccine program can continue while another is introduced or scaled. This is an important capability when responding to fast-moving outbreak needs.

Capital: What manufacturing changes are you implementing to improve the Ebola vaccine (Zaire strain)?

Raman Rao: The work Hilleman Laboratories is doing, funded by CEPI, is focused on addressing challenges in the manufacturing process for the existing Ebola vaccine to increase the yield and improve thermostability, specifically targeting a shelf life at 2–8°C (enabling it to be stored in a regular refrigerator for several months) subject to regulatory review and public health requirements.

Because the existing vaccine must be stored at ultra-low temperatures around -70 degrees improving thermostability is key to making it easier to deploy in outbreak settings.

Capital: How will CEPI’s $30M funding address affordability barriers for LMICs, especially amid outbreaks like the 2025 DRC incident?

Raman Rao: CEPI’s funding is designed to tackle the two biggest cost drivers simultaneously. First, it will help us to make manufacturing improvements that increase the quantity of vaccine produced, streamline the process and reduce production costs so as to increase supply to tackling the cold chain logistics. Second, the funds help us drive breakthrough innovation that would enable storage at 2–8°C for months, which substantially reduce the operational cost and difficulty of deployment, especially in outbreak settings.

Capital: What role will Hilleman, SK bioscience, and IDT Biologika play in scaling production for large outbreaks?

Raman Rao: The roles are complementary. Hilleman Laboratories (with the support of MSD and CEPI) is leading key development work and the clinical development activities for the updated vaccine. SK bioscience and IDT Biologika develop the updated drug substance process and the associated drug product work needed to improve manufacturability and supply resilience.

The aim is to ensure we’re greater than the sum of all parts and that we make a vaccine that is easier to manufacture at scale so that if the world faces a large outbreak, including scenarios comparable to the 2014–16 West Africa epidemic, we can respond quickly and effectively.

Capital: How might Singapore’s lab infrastructure support global efforts like Ebola stockpile sustainability?

Raman Rao: Singapore provides a strong base for end-to-end development capabilities. From R&D and process development through GMP pilot-scale manufacturing in a system designed for resilience and rapid reconfiguration.

For stockpile sustainability, that matters because the goal is not only scientific success, but a pathway to reliable, repeatable production and faster deployment, which is exactly what improved supply and thermostability enhancements will enable.

Capital: In light of recent African Ebola outbreaks, what preventive strategies for frontline workers could this updated vaccine enable?

Raman Rao: A more deployable, easier-to-store vaccine would support expanded preventive vaccination for healthcare workers in at-risk areas and consistently on the frontlines to any disease outbreak.

Practically, if refrigeration (2–8°C) storage is achieved as intended, it will make it easier to pre-position doses closer to where risk is highest, and build a stockpile. It’ll also help us to run preventive campaigns, or break chains of transmission without the constraints and costs of ultra-cold freezers.

Capital: What challenges remain in regulatory approval and Phase 3 trials for the thermostable version in African settings?

Raman Rao: To move forward, first we’re going to collect the clinical evidence, which is based on the Phase 3 immunobridging trial in African countries where the current vaccine is approved, so that we can accurately compare immune responses and understand expected effectiveness. Second, they’ll be a regulatory review for the updated process, formulation and new thermostability.  

These efforts are well worth it as this will increase the amount of available vaccines at better cost, and with improved thermostability it’ll be easier to use the vaccine where needed.

How USCIS interprets ‘extraordinary ability’ for EB-1 in 2026 (and what evidence actually carries weight in tech, science, and business)

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The EB-1A (Extraordinary Ability) visa is often referred to as a ‘top talent’ green card, yet successful applications are based on rigorous, evidence-based proof rather than impressive titles, charisma or the appearance of a CV. USCIS officers apply the regulatory standard with precision, seeking verifiable, independent evidence that places the petitioner among the small percentage at the very top of their field. The threshold demands sustained national or international acclaim, supported by documentation that withstands objective scrutiny—not mere promise or internal recognition.

What ‘extraordinary ability’ means in the regulation

The controlling regulation (8 CFR § 204.5(h)) defines ‘extraordinary ability’ as ‘a level of expertise indicating that the individual is one of that small percentage who have risen to the very top of their field’. To qualify, an individual must demonstrate sustained national or international acclaim and recognition, either by receiving a major internationally recognised award (e.g. a Nobel Prize, a Pulitzer Prize or an Olympic medal), or by meeting at least three of the ten regulatory criteria, plus providing evidence of their top-tier standing.

Key point often overlooked: Meeting three (or more) criteria is only the first step. USCIS applies the two-step framework established in Kazarian v. USCIS and codified in the Policy Manual (Volume 6, Part F, Chapter 2).

  • Step 1 — Determine whether the evidence objectively satisfies the plain language of at least three criteria (or a major award).
  • Step 2 — Conduct a final merits determination: Does the totality of evidence demonstrate sustained acclaim and that the petitioner is among the very top in the field?

Counting boxes does not equal proving elite status. Officers evaluate quality, independence, context, and narrative coherence.

The EB-1A Criteria, Explained in Practical Terms

Here is how adjudicators typically assess each regulatory criterion, informed by the USCIS Policy Manual and recent updates:

  1. Awards (major or lesser nationally/internationally recognized prizes for excellence) Strength lies in clear selectivity, competitive selection by field experts, and recognition of excellence (not participation or internal honors). Recent 2024 policy guidance explicitly permits team awards when the beneficiary is named or otherwise recognized for their contribution.
  2. Membership in associations requiring outstanding achievements The association must judge membership by outstanding achievements, evaluated by recognized experts. Fee-based or open memberships carry little weight. The 2024 updates also allow past memberships that met these standards at the time.
  3. Published material about the petitioner in major media or professional/trade publications Coverage must be independent, editorial, and focused on the petitioner’s work. Recent clarifications removed the prior requirement that the material itself must prove the “value” of the contributions—substantial discussion of the petitioner’s role suffices, including in team contexts, provided the outlet is reputable.
  4. Judging the work of others (peer review, panels, juries, editorial boards) Strong when the role is selective and tied to recognized expertise: journal peer review, grant panels, conference program committees, or industry evaluation bodies. Proof of actual participation (invitations, completion records) is essential.
  5. Original contributions of major significance The most potent criterion. It requires evidence that the work is not merely novel but has produced measurable field-wide impact—high citations, widespread adoption, licensing, standards influence, documented third-party reliance, or clear outcomes (e.g., clinical, market, or technological shifts). Expert letters must explain the “how” and “why” with specificity and be corroborated by independent documentation.
  6. Authorship of scholarly articles Strongest in peer-reviewed, high-impact venues when paired with impact metrics (citations, influence on subsequent work). USCIS recognizes that publication formats vary by field; industry white papers or technical reports can qualify under comparable evidence when they function similarly.
  7. Display of work (primarily arts) Field-specific (exhibitions, showcases, performances). Limited applicability for most tech, science, or business profiles.
  8. Leading or critical role in distinguished organizations Common for tech and business petitioners. Requires two layers of proof: (a) the organization’s distinguished reputation (independent evidence such as rankings, funding, market position, or expert recognition), and (b) the petitioner’s genuinely leading or critical function, shown through measurable responsibilities and outcomes attributable to their involvement.
  9. High salary or significantly high remuneration Must be contextualized against peers in comparable roles and locations, ideally using reliable market data (e.g., government surveys, industry benchmarks). Prospective compensation can be considered.
  10. Commercial successes in the performing arts Field-specific; business impact is better framed under original contributions or critical roles.

Comparable evidence (8 CFR § 204.5(h)(4)) remains a critical flexibility mechanism, especially for STEM and industry professionals whose achievements do not map neatly onto traditional academic metrics. Examples include open-source leadership, widely adopted tools, patents with commercial implementation, or thought-leadership that reshaped industry practices.

Recent USCIS guidance and its impact in 2026

The October 2024 update to the Policy Manual (Volume 6, Part F, Chapter 2) provided important clarifications on the evaluation of evidence, building on earlier refinements. Key changes include the explicit acceptance of team awards and past memberships, as well as a more practical approach to published material about the beneficiary. While these updates do not lower the bar, they do reduce overly rigid, academia-centric assumptions and better accommodate careers in collaboration, industry and emerging technology.

By 2026, officers will be trained to apply these standards consistently while maintaining the high threshold of sustained acclaim. The practical result is greater predictability for well-documented cases in technology, science and business, provided that the evidence demonstrates independent validation and impact across the entire field.

What actually carries weight in 2026 (by field)?

Technology (AI, engineering, products, security and data).

Strong packages are combined.

Science (including academic and applied research and development).

Business leaders (founders, executives and growth leaders).

Where your profile fits naturally

If you seek a structured overview of the category and how the evidence logic works in practice, dedicated resources on EB-1 visas in the USA offer comprehensive guidance aligned with current USCIS interpretations.

Common evidence traps that weaken petitions in 2026

A practical framework for final merits determination.

Adjudicators look for a coherent pattern.

  • Independent recognition — The field notices and validates your work.
  • Independent reliance — Others adopt, cite, build upon, or commercially use your contributions.
  • Sustained nature — Acclaim is not a single event but a trajectory.
  • Comparability — Your record stands out when weighed against peers at the top of the field.

EB-1 vs. EB-2 vs. EB-3 (Quick Context)

  • EB-1A → Sustained top-of-field acclaim and recognition.
  • EB-2 (NIW) → Advanced degree + exceptional ability with national importance; strong for high-impact work that may not yet show the same volume of elite recognition signals.
  • EB-3 → Employer-sponsored for qualified professionals; no extraordinary ability requirement.

Bottom Line for 2026

Success in EB-1A hinges less on volume of documents and more on their probative value: independent, verifiable signals of sustained acclaim and top-tier impact that an officer can quickly understand and trust. The strongest petitions—across tech, science, and business—tell a consistent story of field-wide influence, supported by third-party evidence and, where needed, comparable evidence that aligns with how the specific field actually recognizes excellence. With the clarified standards now well-integrated into adjudication, well-prepared cases grounded in substance continue to succeed.

ብሔራዊ ባንክ በአይኤምኤፍ ምክረ-ሀሳብ መሰረት በውጭ ምንዛሪ ዝውውር ላይ የነበሩ ገደቦችን አላላ

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👉 የውጭ ምንዛሪ ሂሳብ ለመክፈት ይቀመጥ የነበረው የ100 ዶላር ቅድመ-ሁኔታ ቀርቷል

የኢትዮጵያ ብሔራዊ ባንክ ከአለም አቀፉ የገንዘብ ድርጅት (አይኤምኤፍ) ጋር የተደረሰውን ስምምነትና የድርጅቱን የአሰራር ደንብ አንቀጽ 8 ድንጋጌዎችን መሠረት በማድረግ፣ በውጭ ምንዛሪ አሰራር ላይ ተጥለው የነበሩ በርካታ የቁጥጥር ቅድመ-ሁኔታዎችንና ክልከላዎችን በከፍተኛ ሁኔታ ማላላቱን አስታወቀ።

ባንኩ ዛሬ የካቲት 4 ቀን 2018 ዓ.ም. እንደገለፀው ፣ ማሻሻያው ከሐምሌ 2016 ዓ.ም ጀምሮ ተግባራዊ እየተደረገ ያለውን የተሟላ የማክሮ-ኢኮኖሚ ሪፎርም ይበልጥ ለማጎልበትና የውጭ ምንዛሪ ገበያውን ነፃ፣ ግልጽና ቀልጣፋ ለማድረግ ያለመ ነው።

ይህ እርምጃ ኢትዮጵያ ከአይኤምኤፍ የሽግግር ድንጋጌዎች (አንቀጽ 14) በመውጣት፣ ክፍት የሆነ ዓለም አቀፍ የክፍያ ስርዓትን ወደሚያበረታታው አንቀጽ 8 ለመሸጋገር የምታደርገው ጥረት አካል ነው።

በአዲሱ መመሪያ መሠረት ግለሰቦችና ቤተሰቦች በውጭ ምንዛሪ አጠቃቀም ላይ ሰፊ ነፃነት ተሰጥቷቸዋል። ከዛሬ ጀምሮ ማንኛውም የውጭ ምንዛሪ ሂሳብ ያለው ግለሰብ አስፈላጊውን ሕጋዊ ሰነድ በማቅረብ፤ ለትዳር አጋሩና ለልጆቹ የትምህርት፣ የሕክምና እና የጉዞ ወጪዎችን ካለው የውጭ ምንዛሪ ሂሳብ መክፈል ይችላል።

በተጨማሪም ኢትዮጵያውያን በውጭ ሀገር ለሚኖሩ ዘመዶቻቸው እስከ 3,000 የአሜሪካ ዶላር የሚደርስ የገንዘብ ድጋፍ እንዲልኩ የተፈቀደ ሲሆን፣ ቀደም ሲል የውጭ ምንዛሪ ቁጠባ ሂሳብ ለመክፈት እንደ ቅድመ-ሁኔታ ይቀመጥ የነበረው የ100 ዶላር አነስተኛ ተቀማጭ ሙሉ በሙሉ ቀርቷል።

ወደ ሀገር ውስጥ የሚገቡ ነዋሪዎችም ይዘውት የመጡትን ማንኛውንም የውጭ ምንዛሪ መጠን ያለ ጉምሩክ ሰነድ በባንኮችና በምንዛሪ ቢሮዎች ወደ ብር የመመንዘር ወይም ወደ ውጭ ምንዛሪ ሂሳባቸው የማስገባት መብት ተሰጥቷቸዋል።

የአገልግሎት ዘርፍ ላኪዎችን ለማበረታታት ይረዳ ዘንድ፣ ከሥራቸው የሚያገኙትን የውጭ ምንዛሪ መቶ በመቶ (100%) በሪቴንሽን ሂሳባቸው ውስጥ ያለምንም የጊዜ ገደብ እንዲይዙ ተፈቅዶላቸዋል።

ከዚህ ቀደም ለትርፍ የተቋቋሙ ድርጅቶች ከእርዳታና ከስጦታ የሚያገኙትን የውጭ ምንዛሪ በተለያዩ የሂሳብ አይነቶች (ተንቀሳቃሽ፣ ቁጠባና የጊዜ ገደብ) ማስቀመጥ እንዲችሉ ተደርጓል።

በሌላ በኩል፣ የውጭ ቀጥተኛ ኢንቨስተሮች፣ ኤምባሲዎችና ዓለም አቀፍ ተቋማት ያለ ብሔራዊ ባንክ ፈቃድ በንግድ ባንኮች የውጭ ምንዛሪ ሂሳብ መክፈት የሚችሉ ሲሆን፣ የሀገር ውስጥ ድርጅቶችም ኢንቨስትመንታቸውን በብሔራዊ ባንክ እያስመረመሩ ከሀገር ውጭ መዋእለ ነዋያቸውን ማፍሰስ እንዲችሉ መንገድ ተመቻችቷል።

የባንኮች ሚና እና የቴክኖሎጂ አጠቃቀም
የንግድ ባንኮች ለደንበኞቻቸው የውጭ ሀገር ክፍያና የኤሌክትሮኒክ ግብይትን የሚያቀላጥፍ ዓለም አቀፍ የክፍያ ካርድ እንዲያዘጋጁ ፈቃድ ተሰጥቷል።

ባንኮቹ የፎርዋርድ የውጭ ምንዛሪ ግብይትንም ያለ ብሔራዊ ባንክ ማረጋገጫ ማከናወን እንዲችሉ ስልጣን ተሰጥቷቸዋል።

ይህ ሰፊ የማሻሻያ እርምጃ የሀገሪቱን የውጭ ምንዛሪ ክምችት ለማሳደግ፣ ሕጋዊ የገንዘብ ዝውውርን በማበረታታት ጥቁር ገበያን ለመዋጋትና የኢትዮጵያን የኢኮኖሚ ሥርዓት ከዓለም አቀፍ አሰራር ጋር ለማስማማት ትልቅ ፋይዳ እንደሚኖረው የብሔራዊ ባንክ መግለጫ ያመለክታል።

ይህ እርምጃ ኢትዮጵያ እ.ኤ.አ በ2024 የገባችውን ቃል ማለትም የተዘበራረቁ (ባለብዙ) የምንዛሬ ተመኖችን የማስቀረት እና ለወቅታዊ ዓለም አቀፍ ግብይቶች የሚፈጸሙ ክፍያዎች ላይ የሚጣሉ ገደቦችን የማንሳት ቁርጠኝነትን በተግባር ያሳየ መሆኑ ተገልጿል። የአይኤምኤፍ የተራዘመ የብድር አገልግሎት ድጋፍም እነዚህን መሰረታዊ የፖሊሲ ለውጦች በቀጥታ የሚያግዝ መሆኑ ይታወቃል።

በኢያሱ ዘካሪያስ