Local Professionals to Take Over Management of Railway

Nov 16 , 2019


The Ethiopia-Djibouti Standard Gauge Railway (EDR) will start transferring captaincy to locals from the Chinese by the end of next year. Sixty-five young train drivers from Ethiopia and Djibouti will travel to China to undertake theoretical and technical training. Currently, a consortium of Chinese companies manages all the maintenance, rail captaincy and control operations of the 752Km-long railway that connects Addis Abeba to neighbouring Djibouti. Such transfer of knowledge and expertise will require from one year to a maximum of six years of theoretical and practical training depending on the nature of each task, according to Tilahun Sarka, director general of EDR. Thus far, a total of 600 local professionals have received training related to the normal functioning of the railway system. The railway is currently used to transport freight including perishable goods, vehicles, cereals and fertilizers from the Djibouti port to Addis Abeba.


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