Enterprise Adjusts Addis-Adama Expressway Fee

Feb 16 , 2019


The Ethiopian Toll Roads Enterprise, the operator of the nations toll roads, has adjusted fees for the Addis-Adama Expressway, effective March 1, 2019. The adjustment, which was made after four years from the initial fee, has a minimum and maximum increase of five Birr and 10 Br, respectively. For automobiles, the fee for a kilometre was adjusted up by 10 cents to 77 cents. For heavy trucks, the new rate pushed the fee to 105 cents from 92 cents a kilometre. The adjustment aims to pay back loans and manage the rising cost of maintenance material that is imported from abroad and for other miscellaneous expenses of the enterprise, according to the statement from the Enterprise. Addis-Adama Toll Road was opened for traffic in September 2014. It was constructed for 11.2 billion Br, of which 43pc was financed by the government, while the Chinese EX-IM Bank covered the balance. The 84.7Km expressway, which is the first toll road in the country, has generated 131.2 million Br in revenues in the first half of the current fiscal year.


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