Chinese, French Firms Seal Turbine Supply Deal

Jan 5 , 2019


Ethiopian Electric Power has awarded Chinese and French firms contracts to supply 13 turbines for the Grand Ethiopian Renaissance Dam. The project was initially awarded to Metals & Engineering Corporation (MetEC) during the commencement of the project. The agreements with the two companies for the supply, installation and maintenance were signed on Monday and Friday of last week. Power China will supply 11 turbines, while GE Hydro France will supply the remaining two turbines. Along with the turbines, Power China was also awarded a 125.6-million-dollar contact to construct the steel structure of the dam. GE Hydro will also be paid 53.9 million euros to supply five power generating units along with the turbines.


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Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


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Authority Reports Fuel Import Stats

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Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...


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