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ZamZam Bank and Amio Engineering launch Musharaka financing partnership for agricultural mechanization
#EBR_News Oct 22, 2026
ZamZam Bank S.C. has officially launched a pioneering joint Musharaka (equity participation and profit-and-loss sharing) financing partnership with Amio Engineering to supply agricultural machinery and tractors to the Ethiopian market.
The high-profile event, held in Amio Engineering Compound brought together senior government officials, banking executives, agricultural bureau representatives, and machinery suppliers to introduce the collaborative framework.
Under the agreement, the two institutions have deployed a joint investment exceeding 130 million ETB to procure and import 22 agricultural tractors equipped with matching farm implements.
The core of this initiative relies entirely on the Musharaka model. In this setup, ZamZam Bank provides the financial capital while Amio Engineering contributes technical expertise, assembly, sales, and aftermarket support. Profits and operational risks are shared mutually between both institutions according to a pre-agreed ratio.
Musharaka is an Islamic finance partnership model where parties pool their capital and skills rather than engaging in interest-bearing debt. This framework allows agricultural producers and service providers to acquire high-value equipment through shared risk and reward.
Melika Bedri, Chief Executive Officer of ZamZam Bank S.C., emphasized the strategic significance of the Musharaka framework in driving financial inclusion and agricultural transformation.
"What makes this system unique is that, while strictly adhering to Sharia principles, finance is directed into productive agricultural assets, extending beyond production to contribute directly to sustainable national growth," Melika said.
Muzemil Mohammed, Deputy Chief Executive Officer of Amio Engineering, noted how the Musharaka collaboration addresses critical capital and equipment shortages faced by farmers.
"Amio Engineering is active in both the agricultural and industrial sectors," Muzemil said, pointing to the joint effort. "ZamZam Bank recognized the challenges farmers face and prioritized this sector. By combining our technical expertise with their financing, we have brought these machinery and tractors into the market under a shared partnership model."
Representatives from the Ministry of Agriculture noted that Sharia-compliant financing models are critical for expanding farm mechanization and securing food production.
Development Bank officials also endorsed the effort, stating that lease financing has enabled them to fund 1,415 machines, representing 32% of tractors operating nationwide and welcomed ZamZam Bank's initiative to expand interest-free mechanization solutions to accelerate economic growth.
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#EBR_News Oct 22, 2026
ZamZam Bank S.C. has officially launched a pioneering joint Musharaka (equity participation and profit-and-loss sharing) financing partnership with Amio Engineering to supply agricultural machinery and tractors to the Ethiopian market.
The high-profile event, held in Amio Engineering Compound brought together senior government officials, banking executives, agricultural bureau representatives, and machinery suppliers to introduce the collaborative framework.
Under the agreement, the two institutions have deployed a joint investment exceeding 130 million ETB to procure and import 22 agricultural tractors equipped with matching farm implements.
The core of this initiative relies entirely on the Musharaka model. In this setup, ZamZam Bank provides the financial capital while Amio Engineering contributes technical expertise, assembly, sales, and aftermarket support. Profits and operational risks are shared mutually between both institutions according to a pre-agreed ratio.
Musharaka is an Islamic finance partnership model where parties pool their capital and skills rather than engaging in interest-bearing debt. This framework allows agricultural producers and service providers to acquire high-value equipment through shared risk and reward.
Melika Bedri, Chief Executive Officer of ZamZam Bank S.C., emphasized the strategic significance of the Musharaka framework in driving financial inclusion and agricultural transformation.
"What makes this system unique is that, while strictly adhering to Sharia principles, finance is directed into productive agricultural assets, extending beyond production to contribute directly to sustainable national growth," Melika said.
Muzemil Mohammed, Deputy Chief Executive Officer of Amio Engineering, noted how the Musharaka collaboration addresses critical capital and equipment shortages faced by farmers.
"Amio Engineering is active in both the agricultural and industrial sectors," Muzemil said, pointing to the joint effort. "ZamZam Bank recognized the challenges farmers face and prioritized this sector. By combining our technical expertise with their financing, we have brought these machinery and tractors into the market under a shared partnership model."
Representatives from the Ministry of Agriculture noted that Sharia-compliant financing models are critical for expanding farm mechanization and securing food production.
Development Bank officials also endorsed the effort, stating that lease financing has enabled them to fund 1,415 machines, representing 32% of tractors operating nationwide and welcomed ZamZam Bank's initiative to expand interest-free mechanization solutions to accelerate economic growth.
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Ethiopian Business Review
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Dashen Bank, Ethiopian Airlines and Mastercard Launch Travel-Linked Platinum Card
#EBR_News Oct 23, 2026
Dashen Bank has launched a co-branded Platinum prepaid Mastercard linked to Ethiopian Airlines' ShebaMiles loyalty programme, combining payments, travel perks and rewards in a single product.
The card was unveiled at a ceremony at the Sheraton Addis Ababa on Thursday, bringing together executives from the bank, the airline and the global payments network.
According to the press release, the card is issued by Dashen and runs on Mastercard's global network. Beyond the miles earned from flying, holders can collect additional benefits by using the card for daily and travel-related spending.
Privileges include access to more than 1,600 airport lounges worldwide through Mastercard Airport Experiences, Airport Fast Track services at selected airports and global data roaming.
Shehryar Ali, Mastercard's Senior Vice President and Country Manager for East Africa and the Indian Ocean Islands, told guests the roaming benefit amounts to 1GB of free flexi-roaming in any destination.
The card comes in physical and virtual forms. The virtual version can be provisioned through the Dashen Bank SuperApp, which the bank says has more than 2 million active users, so customers do not need to visit a branch to start using it. Shehryar said the aim was to "remove friction" and bring convenience through digital channels.
Asfaw Alemu, Chief Executive Officer of Dashen Bank, said the product goes "beyond miles" by turning everyday spending into rewards. He also said he was told that this is the first time Mastercard has launched a co-brand of this nature in Africa. The claim was made from the podium, and the press release does not independently confirm it.
Asfaw traced the relationship with Mastercard to January 2008, when the two signed a card agreement, and noted that it has since produced multi-currency international prepaid cards, payment gateway services and, more recently, a virtual card. Shehryar said the three institutions worked on the project for one and a half years.
The airline's reach is central to the card's appeal. Shehryar said Ethiopian Airlines serves about 170 to 180 destinations, including 25 within Ethiopia, and that its loyalty programme has 5.7 million members, figures he said he had checked with the airline's loyalty team.
The press release says the card is designed for frequent flyers, premium clients, business travellers, the Ethiopian diaspora and digitally minded users.
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#EBR_News Oct 23, 2026
Dashen Bank has launched a co-branded Platinum prepaid Mastercard linked to Ethiopian Airlines' ShebaMiles loyalty programme, combining payments, travel perks and rewards in a single product.
The card was unveiled at a ceremony at the Sheraton Addis Ababa on Thursday, bringing together executives from the bank, the airline and the global payments network.
According to the press release, the card is issued by Dashen and runs on Mastercard's global network. Beyond the miles earned from flying, holders can collect additional benefits by using the card for daily and travel-related spending.
Privileges include access to more than 1,600 airport lounges worldwide through Mastercard Airport Experiences, Airport Fast Track services at selected airports and global data roaming.
Shehryar Ali, Mastercard's Senior Vice President and Country Manager for East Africa and the Indian Ocean Islands, told guests the roaming benefit amounts to 1GB of free flexi-roaming in any destination.
The card comes in physical and virtual forms. The virtual version can be provisioned through the Dashen Bank SuperApp, which the bank says has more than 2 million active users, so customers do not need to visit a branch to start using it. Shehryar said the aim was to "remove friction" and bring convenience through digital channels.
Asfaw Alemu, Chief Executive Officer of Dashen Bank, said the product goes "beyond miles" by turning everyday spending into rewards. He also said he was told that this is the first time Mastercard has launched a co-brand of this nature in Africa. The claim was made from the podium, and the press release does not independently confirm it.
Asfaw traced the relationship with Mastercard to January 2008, when the two signed a card agreement, and noted that it has since produced multi-currency international prepaid cards, payment gateway services and, more recently, a virtual card. Shehryar said the three institutions worked on the project for one and a half years.
The airline's reach is central to the card's appeal. Shehryar said Ethiopian Airlines serves about 170 to 180 destinations, including 25 within Ethiopia, and that its loyalty programme has 5.7 million members, figures he said he had checked with the airline's loyalty team.
The press release says the card is designed for frequent flyers, premium clients, business travellers, the Ethiopian diaspora and digitally minded users.
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Ethiopian Business Review
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Fitsum Ketema Appointed CEO of Industrial Parks Development Corporation
#EBR_News Oct 23, 2026
Prime Minister Abiy Ahmed (PhD) has appointed Fitsum Ketema as Chief Executive Officer (CEO) of the Industrial Parks Development Corporation (IPDC), placing him at the helm of one of the institutions central to Ethiopia's industrialisation and investment drive.It takes effect from October 22, 2026.
Fitsum succeeds Fisseha Yitagesu (PhD), who left the Corporation after being named Minister of Industry. His nomination, put forward by Abiy on October 8, was approved by the House of Peoples' Representatives. The change in leadership therefore comes at a moment of transition for both the Corporation and the country's industrial policy machinery.
The new CEO, Fitsum Ketema has spent more than a decade at the Corporation in leadership and managerial positions, including Manager of the Hawassa Special Economic Zone, Head of the Office of the CEO, and Deputy CEO for the Park Administration and Operations Division.
He has also been cited in engagements with foreign investors as Chief of Staff and, in discussions on special economic zone banking reforms, as the senior official overseeing operations and park management.
Over the years, Fitsum has worked alongside five successive CEOs, giving him what the announcement describes as extensive institutional knowledge and firsthand experience of the Corporation's growth and organisational transition. His appointment, it said, is expected to help steer the Corporation into its next phase of development while building on progress achieved to date.
Established in 2014 as a public enterprise, IPDC is mandated to manage 14 special economic zones and industrial parks across Ethiopia. The Corporation plays a central role in accelerating industrial transformation, attracting investment and supporting sustainable economic growth, the IPDC said in its post.
The new leadership will not start from scratch. IPDC stated that it has already developed a five-year strategic plan, which it began implementing in the previous fiscal year. "The plan is expected to provide a strategic framework for the new leadership to advance the institution's objectives and sustain its development momentum," the Corporation said.
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#EBR_News Oct 23, 2026
Prime Minister Abiy Ahmed (PhD) has appointed Fitsum Ketema as Chief Executive Officer (CEO) of the Industrial Parks Development Corporation (IPDC), placing him at the helm of one of the institutions central to Ethiopia's industrialisation and investment drive.It takes effect from October 22, 2026.
Fitsum succeeds Fisseha Yitagesu (PhD), who left the Corporation after being named Minister of Industry. His nomination, put forward by Abiy on October 8, was approved by the House of Peoples' Representatives. The change in leadership therefore comes at a moment of transition for both the Corporation and the country's industrial policy machinery.
The new CEO, Fitsum Ketema has spent more than a decade at the Corporation in leadership and managerial positions, including Manager of the Hawassa Special Economic Zone, Head of the Office of the CEO, and Deputy CEO for the Park Administration and Operations Division.
He has also been cited in engagements with foreign investors as Chief of Staff and, in discussions on special economic zone banking reforms, as the senior official overseeing operations and park management.
Over the years, Fitsum has worked alongside five successive CEOs, giving him what the announcement describes as extensive institutional knowledge and firsthand experience of the Corporation's growth and organisational transition. His appointment, it said, is expected to help steer the Corporation into its next phase of development while building on progress achieved to date.
Established in 2014 as a public enterprise, IPDC is mandated to manage 14 special economic zones and industrial parks across Ethiopia. The Corporation plays a central role in accelerating industrial transformation, attracting investment and supporting sustainable economic growth, the IPDC said in its post.
The new leadership will not start from scratch. IPDC stated that it has already developed a five-year strategic plan, which it began implementing in the previous fiscal year. "The plan is expected to provide a strategic framework for the new leadership to advance the institution's objectives and sustain its development momentum," the Corporation said.
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Ethiopian Business Review
EBR is an expertly and independently written, masterfully designed, and well-circulated magazine.
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Ethiopia, India share 100th spot on Global Hunger Index as Ethiopia's gains stall
#EBR_News Oct 23, 2026
Ethiopia and India share 100th place out of 122 countries on the 2026 Global Hunger Index (GHI), each with a score of 24.1, according to the report. The score falls in the index's "serious" category, which covers 20.0 to 34.9. The tie hides a different story for Ethiopia, whose steep climb out of extreme hunger has slowed sharply and whose share of undernourished people has begun to rise again.
The report shows how far Ethiopia has come. Its score stood at 53.0 in 2000, an "extremely alarming" level, compared with 38.1 for India. Ethiopia then fell to 42.3 in 2006 and 31.2 in 2012, a total drop of 28.9 points, against 14.0 points for India. Ethiopia has therefore closed what was once a gap of almost 15 points. In 2018, the report puts Ethiopia at 24.9 and India at 25.8.
Recent progress has been slight, however. According to the report, Ethiopia's score improved by only 0.8 points between 2018 and 2026. The report says 19.9 percent of Ethiopians are undernourished, down from 46.1 percent in 2000, a reduction of 26.2 percentage points. The chart data, however, show the figure bottoming out at roughly 16.5 percent in 2018 before climbing back to nearly 20 percent, which points to renewed pressure on food security.
The GHI combines four indicators. Undernourishment and child mortality each account for one third of the score, while child stunting and child wasting each account for one sixth. The report says 35.5 percent of Ethiopian children under five are stunted, meaning they are too short for their age because of long-term undernutrition.
It rates this as "very high" severity, although the rate is down from about 57 percent in 2000. Child wasting, a measure of acute undernutrition, stands at 5.6 percent, and child mortality at 4.5 percent. Both are classed as "medium" severity.
Ethiopia performs better than the 27.5 average for Africa South of the Sahara but remains above the global benchmark of 18.1. Within East Africa, the report places it ahead of Kenya (25.0), Malawi (24.9), Mozambique (25.9) and Zambia (30.7), but behind Djibouti (22.5), Rwanda (21.0), Uganda (20.7) and Tanzania (20.4).
Somalia has the region's worst score at 47.0, followed by Madagascar at 36.5. The report also says Sudan, South Sudan, Burundi and Yemen are provisionally classed as "alarming" because conflict has left too little data for a full score.
The report adds some caveats. It says the 2026 scores rest on the latest available data, with undernourishment figures from 2023 to 2025 and stunting and child mortality figures from 2024, so developments in 2026 are not yet reflected. Historical scores are also recalculated each year, so comparisons over time are valid only within this edition.
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#EBR_News Oct 23, 2026
Ethiopia and India share 100th place out of 122 countries on the 2026 Global Hunger Index (GHI), each with a score of 24.1, according to the report. The score falls in the index's "serious" category, which covers 20.0 to 34.9. The tie hides a different story for Ethiopia, whose steep climb out of extreme hunger has slowed sharply and whose share of undernourished people has begun to rise again.
The report shows how far Ethiopia has come. Its score stood at 53.0 in 2000, an "extremely alarming" level, compared with 38.1 for India. Ethiopia then fell to 42.3 in 2006 and 31.2 in 2012, a total drop of 28.9 points, against 14.0 points for India. Ethiopia has therefore closed what was once a gap of almost 15 points. In 2018, the report puts Ethiopia at 24.9 and India at 25.8.
Recent progress has been slight, however. According to the report, Ethiopia's score improved by only 0.8 points between 2018 and 2026. The report says 19.9 percent of Ethiopians are undernourished, down from 46.1 percent in 2000, a reduction of 26.2 percentage points. The chart data, however, show the figure bottoming out at roughly 16.5 percent in 2018 before climbing back to nearly 20 percent, which points to renewed pressure on food security.
The GHI combines four indicators. Undernourishment and child mortality each account for one third of the score, while child stunting and child wasting each account for one sixth. The report says 35.5 percent of Ethiopian children under five are stunted, meaning they are too short for their age because of long-term undernutrition.
It rates this as "very high" severity, although the rate is down from about 57 percent in 2000. Child wasting, a measure of acute undernutrition, stands at 5.6 percent, and child mortality at 4.5 percent. Both are classed as "medium" severity.
Ethiopia performs better than the 27.5 average for Africa South of the Sahara but remains above the global benchmark of 18.1. Within East Africa, the report places it ahead of Kenya (25.0), Malawi (24.9), Mozambique (25.9) and Zambia (30.7), but behind Djibouti (22.5), Rwanda (21.0), Uganda (20.7) and Tanzania (20.4).
Somalia has the region's worst score at 47.0, followed by Madagascar at 36.5. The report also says Sudan, South Sudan, Burundi and Yemen are provisionally classed as "alarming" because conflict has left too little data for a full score.
The report adds some caveats. It says the 2026 scores rest on the latest available data, with undernourishment figures from 2023 to 2025 and stunting and child mortality figures from 2024, so developments in 2026 are not yet reflected. Historical scores are also recalculated each year, so comparisons over time are valid only within this edition.
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Ethiopian Business Review
EBR is an expertly and independently written, masterfully designed, and well-circulated magazine.
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Taranis Takes Majority Stake in Ethiopia's Corbetti Geothermal Project
#EBR_News Oct 23, 2026
Taranis Operations Ltd, a family-owned investment and project development company, has completed the acquisition of a majority interest in Corbetti HoldCo Limited, the operator of the Corbetti geothermal project in Ethiopia.
The company said it will commit up to $27 million to lead the next phase of exploration and development, working alongside InfraCo Africa, which retains a significant minority stake.
InfraCo Africa is part of the Private Infrastructure Development Group (PIDG), which has supported the project since 2015, according to a report published earlier this year. In a social media post, Taranis described the deal as a significant milestone for one of Africa's pioneering privately funded geothermal projects.
The transaction follows PIDG's announcement in June, at the Africa Energy Forum in Cape Town, that it had signed a convertible loan agreement with Taranis as the first step of a broader partnership.
According to Taranis, the next phase will centre on exploration drilling to confirm the geothermal resource. The company plans an initial 50MW power plant, with potential for a further 100MW expansion, subject to exploration results.
Located about 250 kilometres south of Addis Ababa, Corbetti is among the first geothermal projects in Africa to be developed with private capital. In 2020, Corbetti Geothermal PLC signed a Power Purchase Agreement and an Implementation Agreement with Ethiopian Electric Power and the Government of Ethiopia.
An IMARC Group report projects the renewable energy market will grow by 8.9 percent annually, from $960.9 million in 2025 to $2.26 billion by 2034. Whether Corbetti delivers will depend on exploration results, but a successful outcome could strengthen the case for private investment in the sector.
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#EBR_News Oct 23, 2026
Taranis Operations Ltd, a family-owned investment and project development company, has completed the acquisition of a majority interest in Corbetti HoldCo Limited, the operator of the Corbetti geothermal project in Ethiopia.
The company said it will commit up to $27 million to lead the next phase of exploration and development, working alongside InfraCo Africa, which retains a significant minority stake.
InfraCo Africa is part of the Private Infrastructure Development Group (PIDG), which has supported the project since 2015, according to a report published earlier this year. In a social media post, Taranis described the deal as a significant milestone for one of Africa's pioneering privately funded geothermal projects.
The transaction follows PIDG's announcement in June, at the Africa Energy Forum in Cape Town, that it had signed a convertible loan agreement with Taranis as the first step of a broader partnership.
According to Taranis, the next phase will centre on exploration drilling to confirm the geothermal resource. The company plans an initial 50MW power plant, with potential for a further 100MW expansion, subject to exploration results.
Located about 250 kilometres south of Addis Ababa, Corbetti is among the first geothermal projects in Africa to be developed with private capital. In 2020, Corbetti Geothermal PLC signed a Power Purchase Agreement and an Implementation Agreement with Ethiopian Electric Power and the Government of Ethiopia.
An IMARC Group report projects the renewable energy market will grow by 8.9 percent annually, from $960.9 million in 2025 to $2.26 billion by 2034. Whether Corbetti delivers will depend on exploration results, but a successful outcome could strengthen the case for private investment in the sector.
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Ethiopian Business Review
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Ethiopia's Export Earnings Reach $3.14 Billion in First Quarter, Up 25.75 Percent
#EBR_News Oct 23, 2026
Ethiopia earned $3.14 billion from exports in the first three months of the 2026/27 fiscal year, up 25.75 percent from the same period last year, the Ministry of Trade and Regional Integration said.
The figure is $642.59 million higher than the $2.49 billion recorded in the first quarter of 2025/26, though it remains slightly short of the $3.25 billion target, which means 96.5 percent of the plan was achieved.
By sector, the ministry's data shows a mixed picture. Mining exceeded its target with 102.8 percent plan execution, while electricity did even better at 121.1 percent.
Agricultural exports reached 91.5 percent of their plan, and manufacturing lagged well behind at 64.6 percent.
Mining was the main driver of growth. The sector had planned to earn $1.68 billion and brought in $1.73 billion, a rise of $505.85 million, or 41.45 percent, from $1.22 billion a year earlier.
The ministry attributed the increase mainly to a significant improvement in the volume of gold that artisanal producers delivered to the National Bank of Ethiopia, which it linked to the government's macroeconomic reform measures.
Agriculture also posted solid growth in absolute terms.
According to the ministry, the sector earned $1.22 billion against a plan of $1.34 billion, which is $178.94 million more than the $1.04 billion earned in the same period of 2025/26.
Manufacturing, by contrast, earned $111.40 million against a plan of $172.45 million, a marginal decline of $0.75 million from last year's $112.15 million.
Products directly monitored by the ministry performed better than planned. Exports of these goods generated $225.78 million against a target of $174.03 million, up $76.84 million from $148.94 million a year earlier.
The ministry said the improvement in pulses and oilseeds came from several measures: tighter action against illegal hoarding, which allowed shipments to start, and stronger quality controls that gave local and foreign exporters the volume and quality they needed.
It also cited timely revisions to reference prices in line with international market movements, better buyer identification and contract verification by exporters, stronger control of illegal checkpoints, and lower transport and logistics costs since Ethiopian Railway services began.
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#EBR_News Oct 23, 2026
Ethiopia earned $3.14 billion from exports in the first three months of the 2026/27 fiscal year, up 25.75 percent from the same period last year, the Ministry of Trade and Regional Integration said.
The figure is $642.59 million higher than the $2.49 billion recorded in the first quarter of 2025/26, though it remains slightly short of the $3.25 billion target, which means 96.5 percent of the plan was achieved.
By sector, the ministry's data shows a mixed picture. Mining exceeded its target with 102.8 percent plan execution, while electricity did even better at 121.1 percent.
Agricultural exports reached 91.5 percent of their plan, and manufacturing lagged well behind at 64.6 percent.
Mining was the main driver of growth. The sector had planned to earn $1.68 billion and brought in $1.73 billion, a rise of $505.85 million, or 41.45 percent, from $1.22 billion a year earlier.
The ministry attributed the increase mainly to a significant improvement in the volume of gold that artisanal producers delivered to the National Bank of Ethiopia, which it linked to the government's macroeconomic reform measures.
Agriculture also posted solid growth in absolute terms.
According to the ministry, the sector earned $1.22 billion against a plan of $1.34 billion, which is $178.94 million more than the $1.04 billion earned in the same period of 2025/26.
Manufacturing, by contrast, earned $111.40 million against a plan of $172.45 million, a marginal decline of $0.75 million from last year's $112.15 million.
Products directly monitored by the ministry performed better than planned. Exports of these goods generated $225.78 million against a target of $174.03 million, up $76.84 million from $148.94 million a year earlier.
The ministry said the improvement in pulses and oilseeds came from several measures: tighter action against illegal hoarding, which allowed shipments to start, and stronger quality controls that gave local and foreign exporters the volume and quality they needed.
It also cited timely revisions to reference prices in line with international market movements, better buyer identification and contract verification by exporters, stronger control of illegal checkpoints, and lower transport and logistics costs since Ethiopian Railway services began.
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Ethiopian Business Review
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Kilitch Drugs to Sell Ethiopian Subsidiary to State-Owned HarmeeCare for $14 Million
#EBR_News Oct 24, 2026
India's Kilitch Drugs (India) Limited has announced plans to sell its entire shareholding in its Ethiopian subsidiary, Kilitch Estro Biotech PLC (KEB), to HarmeeCare Pharmaceuticals, an Ethiopian state-owned enterprise, in a deal valued at $14 million.
The company said on Friday, October 23, 2026, that the transaction forms part of a broader plan to optimise its business portfolio and redirect capital to its home market.
According to the company, the deal has been approved by its Board of Directors and is expected to close by January 31, 2027. Completion remains subject to shareholder approval, regulatory requirements and the necessary documentation.
Kilitch Drugs said it will use the net proceeds to reduce existing borrowings, lower finance costs and support the phased expansion of its new manufacturing facility in Pen, Maharashtra. The company plans to produce liquid injectable vials, lyophilised (freeze-dried) injectable vials and ophthalmic eye drops at the site, and to develop and manufacture GLP-1 (Glucagon-Like Peptide-1) therapies.
GLP-1 drugs are a fast-growing class of medicines, and the company is positioning itself to enter the segment as patents on key molecules expire in several international markets, according to the company.
The company is also targeting European Union Good Manufacturing Practice (EU GMP) and Pharmaceutical Inspection Co-operation Scheme (PIC/S) accreditations, which would strengthen its position in regulated export markets. Kilitch Drugs noted that these expansion plans remain subject to regulatory approvals.
"The divestment of our Ethiopian subsidiary will enable us to unlock capital, strengthen our balance sheet and accelerate expansion plans in India," said Bhavin Mehta, Whole-Time Director of Kilitch Drugs.
He added that the company's priorities include expanding its manufacturing capabilities, entering high-potential pharmaceutical segments and deepening its presence in international regulated markets.
Despite exiting ownership, Kilitch Drugs said it intends to keep a commercial foothold in Ethiopia. It proposes to sign a long-term supply and technical services agreement with HarmeeCare Pharmaceuticals, an arrangement the company says is meant to support continued operations at the Ethiopian manufacturing facility while preserving its commercial relationship in the region.
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#EBR_News Oct 24, 2026
India's Kilitch Drugs (India) Limited has announced plans to sell its entire shareholding in its Ethiopian subsidiary, Kilitch Estro Biotech PLC (KEB), to HarmeeCare Pharmaceuticals, an Ethiopian state-owned enterprise, in a deal valued at $14 million.
The company said on Friday, October 23, 2026, that the transaction forms part of a broader plan to optimise its business portfolio and redirect capital to its home market.
According to the company, the deal has been approved by its Board of Directors and is expected to close by January 31, 2027. Completion remains subject to shareholder approval, regulatory requirements and the necessary documentation.
Kilitch Drugs said it will use the net proceeds to reduce existing borrowings, lower finance costs and support the phased expansion of its new manufacturing facility in Pen, Maharashtra. The company plans to produce liquid injectable vials, lyophilised (freeze-dried) injectable vials and ophthalmic eye drops at the site, and to develop and manufacture GLP-1 (Glucagon-Like Peptide-1) therapies.
GLP-1 drugs are a fast-growing class of medicines, and the company is positioning itself to enter the segment as patents on key molecules expire in several international markets, according to the company.
The company is also targeting European Union Good Manufacturing Practice (EU GMP) and Pharmaceutical Inspection Co-operation Scheme (PIC/S) accreditations, which would strengthen its position in regulated export markets. Kilitch Drugs noted that these expansion plans remain subject to regulatory approvals.
"The divestment of our Ethiopian subsidiary will enable us to unlock capital, strengthen our balance sheet and accelerate expansion plans in India," said Bhavin Mehta, Whole-Time Director of Kilitch Drugs.
He added that the company's priorities include expanding its manufacturing capabilities, entering high-potential pharmaceutical segments and deepening its presence in international regulated markets.
Despite exiting ownership, Kilitch Drugs said it intends to keep a commercial foothold in Ethiopia. It proposes to sign a long-term supply and technical services agreement with HarmeeCare Pharmaceuticals, an arrangement the company says is meant to support continued operations at the Ethiopian manufacturing facility while preserving its commercial relationship in the region.
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Ethiopian Business Review
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Abiy Inaugurates Megech Dam, Expected to Irrigate More Than 17,000 Hectares Around Gondar
#EBR_News Oct 24, 2026
Prime Minister Abiy Ahmed (PhD) has officially inaugurated the Megech Irrigation Dam Project, a long-delayed scheme intended to expand irrigation and water supply in Gondar and surrounding communities, the Ethiopian News Agency reported on Friday.
According to ENA, the dam has a storage capacity of 185 million cubic metres and is expected to irrigate more than 17,000 hectares of farmland. The agency said the project will directly benefit tens of thousands of farmers.
Abiy cited by ENA said implementation challenges that had held up the project for years were overcome through the Medemer philosophy, the government's concept of collective effort and national consensus.
Beyond irrigation the dam will supply clean drinking water to Gondar and nearby towns. The project is also expected to open wider economic opportunities, including urban agriculture, large-scale fisheries and tourism resorts, which would create jobs for local youth and stimulate economic growth.
Abiy stressed that Gondar still requires further development and urged the public to take an active part in its progress.
"While this success stems from rigorous monitoring, Gondar still deserves much more development," he was quoted as saying. He reaffirmed the government's commitment to ensuring that Ethiopia's development is inclusive, with benefits reaching all regions and citizens.
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#EBR_News Oct 24, 2026
Prime Minister Abiy Ahmed (PhD) has officially inaugurated the Megech Irrigation Dam Project, a long-delayed scheme intended to expand irrigation and water supply in Gondar and surrounding communities, the Ethiopian News Agency reported on Friday.
According to ENA, the dam has a storage capacity of 185 million cubic metres and is expected to irrigate more than 17,000 hectares of farmland. The agency said the project will directly benefit tens of thousands of farmers.
Abiy cited by ENA said implementation challenges that had held up the project for years were overcome through the Medemer philosophy, the government's concept of collective effort and national consensus.
Beyond irrigation the dam will supply clean drinking water to Gondar and nearby towns. The project is also expected to open wider economic opportunities, including urban agriculture, large-scale fisheries and tourism resorts, which would create jobs for local youth and stimulate economic growth.
Abiy stressed that Gondar still requires further development and urged the public to take an active part in its progress.
"While this success stems from rigorous monitoring, Gondar still deserves much more development," he was quoted as saying. He reaffirmed the government's commitment to ensuring that Ethiopia's development is inclusive, with benefits reaching all regions and citizens.
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Ethiopian Business Review
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Ethiopian Airlines Tops Ethiopia's Brand Value Ranking at $323.9 Million
#EBR_News Oct 24, 2026
Ethiopian Airlines has been ranked the most valuable brand in Ethiopia, with a brand value of $323.9 million in the 2026 global company value assessment, according to the Ethiopian Intellectual Property Authority (EIPA).
The ranking, titled "Top 5,000 companies in Ethiopia with highest global brand value", places the national carrier first in the airlines category.
In its statement, the Authority congratulated the airline's management, flight crew, technical team and ground staff, describing the result as a historic achievement and a source of national pride. It said the airline had strengthened its operational capability and introduced modern operations while facing global economic and market challenges.
The Authority attributed the result to a customer-centric operation focused on service quality, saying growing customer trust forms the main foundation of the airline's high brand value.
According to the statement, the impact of the valuation extends beyond the airline itself, with what it called a highly positive effect on the wider economic ecosystem for both domestic and African companies. The Authority, which registers trademarks and licenses trademark agents.
EIPA, established in 2003, is the federal body responsible for administering and protecting intellectual property rights in Ethiopia, including patents, trademarks and copyrights, according to its website. It also runs a tribunal that handles IP appeals and disputes, and conducts public awareness and training programmes.
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#EBR_News Oct 24, 2026
Ethiopian Airlines has been ranked the most valuable brand in Ethiopia, with a brand value of $323.9 million in the 2026 global company value assessment, according to the Ethiopian Intellectual Property Authority (EIPA).
The ranking, titled "Top 5,000 companies in Ethiopia with highest global brand value", places the national carrier first in the airlines category.
In its statement, the Authority congratulated the airline's management, flight crew, technical team and ground staff, describing the result as a historic achievement and a source of national pride. It said the airline had strengthened its operational capability and introduced modern operations while facing global economic and market challenges.
The Authority attributed the result to a customer-centric operation focused on service quality, saying growing customer trust forms the main foundation of the airline's high brand value.
According to the statement, the impact of the valuation extends beyond the airline itself, with what it called a highly positive effect on the wider economic ecosystem for both domestic and African companies. The Authority, which registers trademarks and licenses trademark agents.
EIPA, established in 2003, is the federal body responsible for administering and protecting intellectual property rights in Ethiopia, including patents, trademarks and copyrights, according to its website. It also runs a tribunal that handles IP appeals and disputes, and conducts public awareness and training programmes.
Follow EBR for the latest business news, trends, and expert analysis:
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Ethiopian Business Review
EBR is an expertly and independently written, masterfully designed, and well-circulated magazine.
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Zamzam Bank Reports 1.56 Billion Birr Pre-Tax Profit for the 2025/26 Financial Year
#EBR_News 25, 2026
Zamzam Bank convened its sixth ordinary and fifth extraordinary general shareholders' meeting at the Adwa Memorial Museum on October 25, 2026, to present its operational performance report for the 2025/26 financial year.
For the 2025/26 financial year, the bank reported a pre-tax profit of 1.56 billion birr, alongside total operating income exceeding 3 billion birr. Financial reporting indicates that the pre-tax earnings represent a growth rate compared to the previous fiscal period.
Deposit mobilization recorded an increase during the period, reaching 20.4 billion birr by the close of the budget year, with figures rising to over 22.2 billion birr during the day of the general meeting. Concurrently, the total number of customers grew by 56 percent compared to the previous fiscal year, reaching 973,441 account holders.
The institution distributed 13.8 billion birr in financing, achieving 106 percent of its planned allocation for the budget year. Additionally, digital banking service users increased by over 106 percent following investments in digital infrastructure and technological platforms.
Paid-up capital increased to 5.64 billion birr, reflecting a growth rate of 112.5 percent. This followed the approval of the bank's registration statement by the Ethiopian Capital Market Authority on June 29, 2026, which authorized the registration of five million ordinary shares and one million additional shares through dividend capitalization.
Total assets expanded by 76 percent year-on-year to reach 29.24 billion birr at the close of the financial year on June 30, 2026. Operational capacity expanded to include 130 branches nationwide, staffed by a total of 2,115 permanent and contract personnel.
Through its Ansar digital financing initiative, the bank disbursed 1.07 billion birr without collateral to over 10,000 small and micro-enterprise clients, with a focus on women beneficiaries. The bank also formally adopted a three-year strategic plan covering the period from 2026/27 to 2029/30.
The reporting session was overseen by Board Chairperson Dr. Nasir Dino and Chief Executive Officer Melika Bedri. Discussions during the proceedings included updates on the ongoing design phase of the bank's future headquarters building in Addis Ababa and compliance with Sharia-compliant investment standards.
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#EBR_News 25, 2026
Zamzam Bank convened its sixth ordinary and fifth extraordinary general shareholders' meeting at the Adwa Memorial Museum on October 25, 2026, to present its operational performance report for the 2025/26 financial year.
For the 2025/26 financial year, the bank reported a pre-tax profit of 1.56 billion birr, alongside total operating income exceeding 3 billion birr. Financial reporting indicates that the pre-tax earnings represent a growth rate compared to the previous fiscal period.
Deposit mobilization recorded an increase during the period, reaching 20.4 billion birr by the close of the budget year, with figures rising to over 22.2 billion birr during the day of the general meeting. Concurrently, the total number of customers grew by 56 percent compared to the previous fiscal year, reaching 973,441 account holders.
The institution distributed 13.8 billion birr in financing, achieving 106 percent of its planned allocation for the budget year. Additionally, digital banking service users increased by over 106 percent following investments in digital infrastructure and technological platforms.
Paid-up capital increased to 5.64 billion birr, reflecting a growth rate of 112.5 percent. This followed the approval of the bank's registration statement by the Ethiopian Capital Market Authority on June 29, 2026, which authorized the registration of five million ordinary shares and one million additional shares through dividend capitalization.
Total assets expanded by 76 percent year-on-year to reach 29.24 billion birr at the close of the financial year on June 30, 2026. Operational capacity expanded to include 130 branches nationwide, staffed by a total of 2,115 permanent and contract personnel.
Through its Ansar digital financing initiative, the bank disbursed 1.07 billion birr without collateral to over 10,000 small and micro-enterprise clients, with a focus on women beneficiaries. The bank also formally adopted a three-year strategic plan covering the period from 2026/27 to 2029/30.
The reporting session was overseen by Board Chairperson Dr. Nasir Dino and Chief Executive Officer Melika Bedri. Discussions during the proceedings included updates on the ongoing design phase of the bank's future headquarters building in Addis Ababa and compliance with Sharia-compliant investment standards.
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Ethiopian Business Review
EBR is an expertly and independently written, masterfully designed, and well-circulated magazine.
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