City Launches Construction of Adwa Centre

Jul 20 , 2019


Addis Ababa City Administration has commenced with the construction of Adwa Centre, which commemorates the victory at Adwa, on land repossessed from MIDROC Investment Group. The Centre, which is expected to be completed within two years, will have a museum and a meeting hall that accommodates 2,000 people. It will also have three rooms that can accommodate 400 people, cinema halls, a library, a gymnasium, green areas, a cafeteria, restaurants and parking space. The Chinese construction firm, Jiangsu International Economic & Technical Cooperation Group, will undertake the construction with the budget allocated by the City Administration. The Battle of Adwa was fought on March 1, 1896, near the town of Adwa in Tigray Regional State. Led by Emperor Menelik II, the Ethiopian forces defeated the Italian army.  


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