City Inks 9.3m Euro Deal to Improve Water Sanitation

Nov 14 , 2020


The Addis Abeba Water & Sewerage Authority has inked an agreement for 9.3 million euros with Vitens-Evides International to improve water sanitation and supply. The new agreement applies to water projects on Legedadi and Dire water dams. The project will also entail basin development and equitable use of water that passes through different regions. The project aims to improve the water-containing capacity of Dire and Legedadi dams and work on protecting soil in basin water areas. In addition to this, the project will also focus on helping communities that live around basin areas and Legdadi and Dire river dams through establishing market-based opportunities, according to a statement from the City Administration. The project, scheduled to last five years, is expected to benefit close to 10,000 people living around the two dams and another 90,000 people living in the five cities that encircle the two dams, namely Akaki, Burayu, Gelan, Sululta and Sendafa.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...