Berbera Corridor Construction Commences

Mar 2 , 2019


Construction of a road connecting Ethiopia with the Port of Berbera was officially launched last Thursday, February 28, 2019. The construction of Berbera Corridor was launched in Somaliland with the presence of Somaliland president Musa Bihi Abdi and Mustafa Mohammed Omer, deputy president of Ethiopia Somali Regional State. The 250Km dual carriageway between the Somaliland Port City of Berbera and the Ethiopian border is being funded by the UAE and the Abu Dhabi Fund for Development Construction Company. Ethiopia has a 19pc stake in the Port of Berbera, while Somaliland and DP World hold 30pc and 51pc shares, respectively.


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