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.


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BRIDG-EATERIA

They say, "Where there is traffic, there is business." It reflects the colour of Addis Abeba roads and roundabouts. Around Bole, commonly known as the Ring Road, vendors serve tea and snacks underneath a bridge. Owing to these selling methods allow pedestrians and drivers to get the service they need while walking and driving. Despite that, such practice has become a frequent encounter in the heart of the city streets. The most common purpose of a ring road is to reduce traffic volumes in the ur...


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WALKWAY DISPLAY

Pedestrian walkways around Addis Abeba are growing smaller by the day, competing to gain a foothold in the public spaces. The city, which prides itself as Africa's political and diplomatic capital, becomes a showcase of contrast. Beauty and affluence wrestle destitution and poverty to claim space. Vendors have displayed their second-hand outfits, shoes and luggage for sale on a roundabout in front of the Ministry of Education, up at the Arat Kilo area...


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TRAILER HOMES

Retired city buses were once converted to bakery outlets retailing bread supplied by ‘Sheger Bakery' during their twilight zone. The city administration had used Anbessa City buses as its retail shops before formal outlets replaced them. Sheger Bakery, touted as the largest bakery and flour factory with the potential of baking two million loaves of bread daily, was to cater for millions of people in Addis Abeba with a subsidized bread supply but failed to live up to expectations. The old city...