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Authority Constructs, Upgrades Roads for 2b Br

Feb 16 , 2019

The construction and upgrade of 25 road projects will be completed before the end of the current fiscal year, disclosed the Addis Abeba City Roads Authority. The road projects are under construction with a budget of two billion Birr from the city administration. In this fiscal year, the Authority has managed to construct, upgrade and maintain 323Km of roads, including cobblestone, according to Moges Tibebu, chief executive officer of the authority. To ease the traffic congestion, the Authority upgraded a 35Km-long road by broadening the width from 20m to 30m. The Authority also plans to complete four projects within three years. The Aqaqi Qality-Tulidimti; Qeranio-Abo; Tulidimtu-Tirunesh Beijing Hospital; and the Lideta Bulgaria via Africa Union are the four road projects.

Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...

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Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...

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Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...

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