Abyssinia Bank Awards 60-Storey Construction Project to Chinese Firm


Abyssinia Bank Awards 60-Storey Construction Project to Chinese Firm

The Bank of Abyssinia has awarded the contract for the construction of a 60-storey building in Addis Abeba's financial district to China State Construction Engineering Corporation Ltd. The Bank's executives estimate the project will cost over three billion Birr. The Chinese contractor was the firm behind the construction of the Commercial Bank of Ethiopia's (CBE) 48-storey headquarter building in Senga Tera. It also built the African Union Conference Centre in the Sarbet area. The firm won the contract to erect Abyssinia's building last December following an international tender. The Bank solidified its position as an industry leader with a noteworthy performance last year, netting 1.34 billion Br in profits. An 86.6pc growth in deposits mobilised drove the growth, while the Bank's paid-up capital has reached 7.2 billion Br, surpassing the central bank's revised minimum threshold of five billion Birr. The building is set to be an addition to the banking headquarters recently erected in Senga Tera. The CBE inaugurated its tower earlier this year, following in the footsteps of Hibret and Nib banks, which have also set up shop in the financial district. Zemen Bank is expected to inaugurate its headquarters in the coming months.


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