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

Dangote, EIH Break Ground on Mega Fertilizer Plant in Somali Region

Ethiopian Investment Holdings (EIH), the state's sovereign investment arm, has struck a deal with Dangote Group to build one of the world's largest urea fertiliser complexes in Gode, Somali Regional State. The 2.5 billion dollars project will see EIH hold a 40pc stake while Dangote keeps 60pc. With agriculture employing over 70pc of Ethiopians, the government hopes the factory will cut fertiliser costs, create jobs, and boost crop yields while positioning the country as a regional hub. Design...


Radar

CBE Capital Joins Nib Bank for Market Expansion

Nib International Bank has partnered with CBE Capital, the investment arm of the Commercial Bank of Ethiopia (CBE), to expand investment banking services and shore up its finances. The deal covers advisory services, seeking to strengthen Nib's balance sheet, attracting capital, and positioning the bank in a modernising financial sector. The partnership follows a difficult year for Nib, where net profit dropped 36pc to 957.9 million Br and deposits shrank, despite paid-up capital climbing to ...


Radar

Credit Cap Nears Lift-Off

The National Bank of Ethiopia (NBE) is preparing to lift its long-standing credit cap by September, unlocking 1.3 trillion Br in bank lending. The move, flagged by board member and State Minister of Finance Eyob Tekalegn (PhD), follows years of complaints from businesses that borrowing limits choked large-scale projects. Eyob told a local radio station the reform reflects rising investor appetite and improved economic conditions, though he admitted "financing has been the biggest bottleneck for...