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

Central Bank, Global Alliance Partner to Enhance Sustainable

The National Bank of Ethiopia (NBE) recently hosted a high-level meeting with representatives from the Global Alliance for Banking on Values (GABV) and selected member banks in anticipation of the 17th GABV Annual Meeting scheduled in Uganda. The meeting convened commercial bank representatives from Ethiopia, alongside a delegation comprising six GABV members, including Centenary Bank and Opportunity Bank Uganda, Amalgamated Bank, Sunrise Banks, City First Bank, and Merkur Cooperative Bank. G...


Radar

Commercial Bank of Ethiopia Adjusts Loan Interest Rates Amid Market Reforms

Commercial Bank of Ethiopia (CBE) has announced adjustments to its loan interest rates, effective March 7, 2025. Bank executives cited rising deposit mobilisation costs and the need to align with market standards as key factors influencing the decision, despite successful internal reforms that have reduced operational expenses. Executives noted that these adjustments are crucial for maintaining its competitive edge and ensuring the continued delivery of efficient services to its clientele. ...


Radar

Chemical Corp Posts Substantial Revenue, Profit Growth in 1Q

The state-owned Chemical Industry Corporation recorded a revenue of 2.53 billion Br in the first half of the 2024/2025 financial year. The Corporation reported a profit before tax of over half a billion Birr, which marks a considerable 182.6pc increase compared to the same period last year. Company officials attributed the growth result to enhanced market reach, effective cost-cutting measures, and optimisation of plant capacity utilisation. Year-on-year revenue growth was noted across variou...