Enterprise Bags 192m Br in Half Year

Jan 11 , 2020


The Ethiopian Toll Roads Enterprise generated 192 million Br in revenue during the first six months of this fiscal year.

The Enterprise earned the income from the Addis Abeba-Adama Expressway and the Dire Dawa-Dewelle Toll Road through which over 4.5 million cars used the roads in the reported period, as well as from advertisement revenue.

Out of the total revenue, the Enterprise collected 10.3 million Br from renting spaces for advertisements and offering tow truck service. 

Traffic accidents on the roads have declined by half, from 12 to six compared to last fiscal year's same period.  

The Addis Abeba-Adama Expressway, the first toll road in the nation, was inaugurated five years ago and was constructed with 11.2 billion Br. The 31m-wide, six-lane expressway took five years to complete and shortened the total travel time between the two cities from two hours to 45 minutes.

The second toll road of the nation, which stretches from Dire Dawa to Dewelle covering 223Km with asphalt, was inaugurated last June.


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