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

STREET GROOMING

In Qera, on the new road under construction, the streets are being washed by a crew from a Chinese construction company to clear them of rubbish. At the same time, the road separator is undergoing greening work, with some plants already planted. ...


Radar

PAnEllIng CSO

Ergogie Tesfaye (Phd) (left), minister of Women & social Affairs, gedion Timothewos (centre), Justice minister, and lia Tadesse, health minster, head to the meeting hall of the hilton hotel for the opening of the CsOs Week 2022 programme on June 30, 2022. To be held until July 2, 2022, it included panel discussions on putting local actors at the centre of aid access, gender and peace building. ...


Radar

CAREER EXPO

Participants visit a booth during a career expo being held at an Addis Abeba university campus, among five other universities, on July 1, 2022. hosted by dereja, a career development company, with the Ministry of labour & skills and the Mastercard Foundation, the expos will be held between June and August 2022 with the aim of helping young graduates connect and network with employers. ...