FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds




Chinese Firm Seals Deal to Pre-Commission GERD

Feb 23 , 2019


[ssba-buttons]

Ethiopian Electric Power (EEP) awarded a Chinese company, China Gezhouba Group, the contract to execute pre-commissioning activities of the Grand Ethiopian Renaissance Dam (GERD) at the cost of 40.1 million dollars. The agreement was signed last Monday, February 18, 2019, by Abraham Belay (PhD), CEO of Ethiopian Electric Power, and a representative of China Gezhouba Group Co., Ltd (CGGC) Ethiopia. The project was formerly awarded to the Metal & Engineering Corporation (MetEC) but cancelled due to poor performance. EEP has awarded a balance of plant contract to Voith Hydro Shanghai, which includes the electrical, mechanical and various civil and structural works required to complete the construction of the generating station and spillways. Abraham and Tang Xu, executive vice president of Voith Hydro Shanghai, a German-based Chinese company, signed the 113-million-dollar contract. Over the past two months, the EEP has been awarding different companies to supply and install turbines at the dam, construct the steel structure of the dam and supply power generating units.


Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...