$270m Water Project to Commence

May 18 , 2019


[ssba-buttons]

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

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...