City Bans Motorbikes, Restricts Heavy Trucks

Jun 22 , 2019


Addis Abeba’s City Administration has banned the use of motorcycle for transportation and business purposes until the cycles are formally registered and their purpose is specified to the authorities. Officials conducted a week and a half long survey around the use of motorcycles in the city, which led them to this decision, according to Deputy Mayor Takele Uma. “Lately in our city, we have been witnessing the use of motorcycles in acts of robbery and similar criminal activities,” Takele told reporters. The ban will not affect police officers, members of the defence forces or other emergency service providers. Motor bikes that deliver packages under organisations like the post office and embassies will need to get permits to operate. The City Administration has also announced that it has set a time limit during which heavy trucks that weigh more than 2.5tn can move around in the city during the day time.


Radar

Fitch Downgrades Lemmi National Cement Investor

Fitch Ratings has lowered West China Cement Limited's (WCC) credit rating due to concerns over its financial health and operating environment in Ethiopia. The company's Long-Term Issuer Default Rating has been downgraded to 'B-' from 'B+', and its senior unsecured rating has been reduced to 'CCC+'. WCC's free cash flow is expected to remain negative in 2024, primarily due to high capital expenditures and challenges in generating sufficient revenue. The company faces significant operating risk...


Radar

Ethiopia Seals Currency Swap Deal with China

Ethiopia and China have agreed to use their respective currencies for bilateral trade, a move aimed at enhancing economic cooperation and addressing foreign exchange challenges. The announcement was made by Ethiopian Finance Minister Ahmed Shide following the recent Forum on China-Africa Cooperation (FOCAC) meeting in Beijing. He revealed that the central banks of both countries are finalizing the details of the currency swap agreement, similar to the one Ethiopia signed with the United Arab...


Radar

USAID Launches National Youth SACCOs

The United States Agency for International Development (USAID) Integrated Youth Activity (IYA), Kefeta, has reached a milestone in its youth empowerment efforts. The Amref Health Africa-led project has successfully established youth-owned and managed Savings and Credit Cooperatives (SACCOs) in 18 cities. The Kefeta Youth SACCO, now operational on a national scale, has already garnered substantial membership and savings. With over 7,800 members, 38,900 shares sold, and nearly 60 million Br in...


Back
WhatsApp
Telegram
Email