$270m Water Project to Commence

May 18 , 2019


Tigray Regional State Water Resources Bureau completed preparations to start a clean water project for the city of Meqele. The project, which is expected to cost around 270 million dollars, will be financed through a loan obtained from China. The project is expected to raise the clean water coverage of the city to 90pc from the current 53pc. Tewdros Gebreegzaber, head of the Water Bureau, said the project is planned to be completed in three years. It involves the building of a dam on the Gereb Giba River, which is located 20Km west of the city and will have a capacity of storing 362 million cubic metres of water. The construction will create 2,000 jobs. The Regional Government paid a compensation of 1.7 billion Br to farmers that will be displaced.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email