Millions In Damages To Capital's Roads

Aug 5 , 2023


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

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