Chinese, French Firms Seal Turbine Supply Deal

January 5 , 2019


Chinese, French Firms Seal Turbine Supply Deal

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 Revokes Hundreds of Mining Concessions

The Ministry of Mines has revoked the licenses of 972 for alleged non-compliance with the terms of their exploration and production permits, and involvement in illicit trade.  Among those on the receiving end of the measure is Kefi Gold, a firm that has been conducting gold exploration in the Western Wellega Zone of the Oromia Regional State for over a decade. The 2,000hct exploration area is estimated to hold deposits of close to 50,000Kg of gold. Last week, the National Bank of Ethiopia ap...


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World Bank, Fed Agree on $715m in Funds to Fight Food Insecurity

The World Bank Group and the Ministry of Finance have signed an agreement for 715 million dollars to go towards fighting food insecurity. Most of the financing (600 million dollars) is earmarked for the implementation of a Food Systems Resilience Programme. A third of the amount is in the form of grants, while the balance is credit. An additional 115 million dollars is pledged for improving access to financial services and bolstering economic activity in pastoralist areas. The areas target...


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DISRUPTION HOPEFULS

Youths checkout a booth at the AddisRupt Expo 2022, which was hosted at Safari Hotel on June 25, 2022. The expo focused on technological and entrepreneurial work, showcasing over 20 startups to visitors. The promoters of the expo aimed at connecting startups with investors and was organized by firms such as LinkUp Addis, Profit Marketing and Afromile Trading...