City Roads Authority Awards Three Projects

Sep 3 , 2022


The Addis Abeba City Roads Authority (AACRA) has awarded a three billion Birr contract to three contractors. The first road project, which stretches from Comoros St. (along the British Embassy) and Africa Avenue (Bole Road), is awarded to China Civil Engineering Construction Corporation (CCECC). The 4.5Km road corridor that links Africa Avenue through Medhanialem Cathedral, is part of the World Bank's programme launched in 2016 with 300 million dollars in financing. Yirgalem Construction, a grade-one contractor, is selected to construct the road from Ayer Tena to Alem Gena roundabout while Bergi Construction will handle Akaki bridge construction project. The Roads Authority is expected to venture on 20 new projects this year. Last month, the Addis Abeba City Council allocated close to eight billion Birr budget to the Authority.


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 VAT a...


Radar

World Bank Greases Financial Overhaul

The World Bank approved 700 million dollars in credit from the International Development Association (IDA) to scale up support for the financial sector. The funds are targeted at modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), supporting governance reforms, balance sheet restructuring, and recapitalization of the Commercial Bank of Ethiopia (CBE), and transforming the Development Bank of Ethiopia (DBE) into a sustainable development finance institutio...


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 Bulto,...