At Goro-Bole, Deputy Mayor Launches Expensive Projects

Apr 3 , 2021


The Addis Abeba City Roads Authority launched the construction of a 4.9Km road that will connect Bole International Airport to the Goro neighbourhood in the southeastern section of the city. The city's Deputy Mayor, Adanech Abebie, launched the project that is forecasted to cost 1.6 billion Br. It has been contracted out to Aser Construction Plc, while Unicon Consulting, a Pakistani firm, will carry out the supervision work. At 320 million Br a kilometre, this road will be one of the most expensive roads built in the city, after the massive uplift of Africa Avenue (Bole Road). The road will include pedestrian walkways and a bicycle lane and is hoped to play a role in alleviating the heavy traffic that constricts the Gerji-Goro road. The project is expected to be completed in two years.


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