The 26th Addis Chamber International Trade Fair (26th ACITF) commenced at the Addis Ababa Exhibition and Development Center, under the theme “Spurring Development through Innovation,” gathering business communities, exhibitors, visitors, diplomatic corps, government representatives, and invited guests.

However, concerns arose over the lower-than-expected turnout, with fewer participants compared to previous years. It was anticipated that over 60 domestic and foreign businessmen from the manufacturing and technology sectors would attend the trade bazaar.

Addressing the opening ceremony, Mesenbet Shenkute, President of Addis Ababa Chamber of Commerce & Sectoral Association, acknowledged the subdued participation, attributing it to prevailing peace challenges both domestically and internationally. She expressed optimism, stating, “This is expected, and the numbers will increase when conditions stabilize.”

The New Chamber Trade Fair, an annual event, saw the presence of local and foreign businessmen engaged in diverse fields. Shenkute emphasized the government’s emphasis on new technology infrastructure projects, highlighting their significant positive impact on business growth.

Running from February 22 to 26, 2024, the 26th ACITF marks the second trade show of the year, aiming to foster innovation-driven development and economic growth within the region.

By Eyasu Zekarias

In Ethiopia, the month of February holds significant historical resonance, particularly as it marks the 50th anniversary of the 1966 revolution, a pivotal event that reshaped the nation’s trajectory by dismantling the longstanding royal government of Emperor Haile Selassie.

Preparations are underway to commemorate this milestone throughout the year, with the Forum for Social Studies (FSS) spearheading efforts to reflect on the revolution’s impact and legacy. Yeraswork Admase, Director of FSS, announced plans for a year-long series of discussions and research initiatives, inviting various segments of society, including students, workers, taxi drivers, and soldiers, to participate in reflections on the revolution’s significance and the ongoing challenges faced by Ethiopia.

The commemoration will span from February 2024 to February 2025, with a focus on key questions such as the evolution of Ethiopia’s societal goals over the past 50 years, the role of the student movement in driving change, and the relevance of the revolution’s demands in today’s context.

Dr. Yonas Ashine, a lecturer in political science and international relations at Addis Ababa University, emphasized the revolutionary aspirations of the 1966 movement, aiming to address issues of land ownership, social inequality, and economic disparity. The revolution sought to empower marginalized communities and challenge entrenched power structures, marking a significant chapter in Ethiopia’s history.

The 1966 revolution was catalyzed by widespread discontent fueled by hunger, economic hardship, and corruption, leading to a groundswell of resistance against the existing regime. The uprising, initiated by elements within the military, quickly garnered support from diverse sectors of society, including students, farmers, and labor unions, united in their demand for systemic change.

Historically, the December Uprising of 1953 had laid the groundwork for subsequent revolutionary movements, prompting the government to introduce reforms aimed at quelling dissent. However, persistent grievances related to land distribution and socioeconomic inequality continued to fuel popular unrest, culminating in the events of 1966.

As Ethiopia reflects on the legacy of the 1966 revolution, the nation grapples with ongoing challenges while seeking to honor the aspirations of past generations who fought for justice, equality, and a brighter future. The commemoration serves as a reminder of the enduring quest for social and political transformation, inspiring dialogue and reflection on Ethiopia’s journey towards progress and prosperity.

By our staff reporter

The United Nations Population Fund (UNFPA) has disclosed a significant investment of nearly $1 million over the past four years for the preparation of Ethiopia’s population and census efforts.

Dr. Natalia Kanem, the Executive Director of UNFPA and Under Secretary-General of the United Nations, revealed that the financial support was allocated for various purposes, including training on technology utilization and the procurement of computer tablets.

“The costs involved encompass training on new technology, such as assessing populations in hard-to-reach areas. We have implemented new technology for this purpose,” Dr. Kanem explained. “Currently, we are sending a team from the statistical office to South Sudan to learn how to estimate populations in inaccessible areas. These endeavors come with financial implications.”

Dr. Natalia Kanem visited the Medical Center of the Family Guidance Association of Ethiopia (FGAE) on February 19, 2024. During her visit, she received a briefing on FGAE’s reproductive health services and the collaborative efforts with UNFPA, the United Nations Sexual and Reproductive Health Agency.

FGAE has received substantial support from UNFPA, totaling $4.3 million from 2020 to 2024. This funding has facilitated the provision of family planning commodities and adolescent and youth-friendly reproductive health services.

Dr. Kanem also shared updates on UNFPA’s advocacy initiatives and programmatic priorities, focusing on reproductive health, maternal health, gender equality, women’s empowerment, and youth development. She highlighted UNFPA’s advocacy efforts at the 2024 African Union Summit, particularly regarding the Campaign on Accelerated Reduction of Maternal Mortality in Africa (CARMMA).

By our staff reporter

Zemen Bank secured a USD 30 million trade financing facility arrangement with the International Finance Corporation (IFC), the private sector arm of the World Bank.

The agreement serves as a guarantee for import-export trade facilitated by Zemen Bank, one of Ethiopia’s leading financial institutions. Amid concerns about foreign currency shortages and payment delays by certain local banks, this initiative aims to instill confidence in foreign commercial partners.

Dereje Zebene, CEO of Zemen Bank, acknowledged the challenges faced in managing foreign commerce, particularly during the period of unrest in northern Ethiopia, which was resolved with a peace agreement in November 2022. He reassured stakeholders that the situation is improving and emphasized the bank’s prudent approach to foreign currency management.

Speaking to Capital, Dereje emphasized the bank’s commitment to supporting its international clients with ample resources, addressing concerns about import and export transactions. He underscored that the recent agreement with IFC would further strengthen trust among trading partners and provide additional assurance to those doing business with the bank.

Under the agreement, Zemen Bank has joined IFC’s Global Trade Finance Program (GTFP) and gained access to a trade financing facility to facilitate Ethiopian imports and exports. The USD 30 million trade finance facility guarantee from IFC will bolster Zemen Bank’s trade finance operations and facilitate the establishment of new trade alliances for Ethiopian companies.

During the signing ceremony on Thursday, February 22, Dereje highlighted the program’s potential to significantly increase trade financing for import-export businesses, particularly during periods of global economic instability.

The initiative is part of IFC’s broader Africa Trade and Supply Chain Finance Program, aimed at promoting regional commerce in Africa and reducing the continent’s reliance on imports. Additionally, IFC will provide advisory services to Zemen Bank to enhance its credit and risk management and support small and medium-sized enterprise (SME) lending activities.

Madalo Minofu, IFC Country Manager for Ethiopia, expressed optimism about the partnership, stating that it would strengthen Ethiopia’s ability to finance essential trade and facilitate new trading partnerships for the country.