City Admin, Local Contractors Ink 7.7b Br Cluster Zone Deal

Aug 27 , 2022


The Addis Abeba City Administration has inked a 7.7 billion Br agreement with two private construction firms to build an industry cluster zone in the Akaki-Qality District. MCG Construction Plc and TNT Construction & Trading are expected to erect the cluster zone on 94hct of land over the next two years. Officials of the Mega Projects Construction Office under the City Administration floated a bid early this year to hire contractors on behalf of the Addis Abeba Labour, Enterprise & Industry Development Bureau. The zone will serve as a manufacturing hub for agro-processing, wood and metal works, leather and textile, and construction materials. The design comprises 21 large shed for manufacturing and 200 megastores for input suppliers and product retail shops. Mayor Adanech Abiebie announced her administration would cover the entire construction budget from its own coffers.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email