Millions In Damages To Capital's Roads

Aug 5 , 2023


[ssba-buttons]

Addis Abeba's roads have sustained over seven million Br worth of damages during the ended budget year, according to a report by the city's Roads Authority. Traffic lights, road signs, pedestrian rails and manhole covers sustained the bulk of damages that occurred through 135 highway accidents and 199 traffic collisions on tributary roads. Despite increasing restrictions on the type of vehicles allowed to enter main roads, accidents still pervade across highways. Motor insurance accounts for half of the gross premiums for insurance companies, with 15,000 traffic accidents reported nationally in 2021/2022. Data from Federal Police Bureau indicates that up to 300 deaths yearly occur on the capital's roads accounting for nearly a 10th of the total. According to the report, most of the accidents resulted from drunk driving while overspeeding and driving without a license contributed to the total impact.


Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...