Authority Inaugurates Second Toll Road

Jun 22 , 2019

The Dire Dawa-Dewele toll road project, which cost 5.2 billion Br, was inaugurated on June 16, 2019. About 85pc of the construction was financed through a loan obtained from the Export-Import Bank of China, and the remaining sum was funded by the government. The 220Km road is the second toll road in Ethiopia after the Addis-Adama Expressway. The old Dire Dawa-Dewele road was a gravel road that disrupted transportation due to frequent damage caused by floods and landslides. The new expressway will reduce traveling time from ten to four hours. The new expressway is expected to serve 438,000 vehicles and expected to collect 90 million Br in 2020.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...