EEP to Build €60m Power Centres


EEP to Build €60m Power Centres

The Ethiopian Electric Power (EEP) has signed an agreement with two companies based in France and China to build national power control centres at a total cost of 60 million euros. The agreement comprises two power control centres to be built in three years and also includes the preparation of procedural works for the supervision and inspection of power generating and distribution centres. The project has a total budget of 57.7 million euros and 102 million Br. The French Development Agency has pledged to cover two-thirds of the budget, while the EEP funds the balance. The two companies are the Chinese state-owned SINOHYDRO and the French General Electric. Hifab, a Finland-based company, has also been awarded the contract for consultancy work. The representatives of the companies signed the deal with Ashebir Balcha, chief executive officer of the EEP, last week.

[ssba-buttons]

Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...