CBE Blesses Sheger Project with 500m Br

May 11 , 2019


The state giant, Commercial Bank of Ethiopia, has pledged half a billion Birr for a project that intends to beautify Addis Abeba. The board of directors of the bank approved a contribution to the project, which is expected to cost 29 billion Br in total. Advocated by Prime Minister Abiy Ahmed (PhD), the project aims at cleaning the rivers from Entoto to Aqaqi Wastewater Treatment Plant, a span of 56Km. The project also plans to develop the riverside and river banks and make it a central recreation spot throughout the city. The other state-owned giant, Ethio telecom, and its employees have pledged 180 million Br for the project.


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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...


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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...


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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...


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