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Ministry Blames Road Delays on 400pc Cost Surge


Ministry Blames Road Delays on 400pc Cost Surge

The Ministry of Urban Development and Infrastructure says road construction targets have fallen short due to a 300–400pc rise in construction material prices. The update came as part of the Ministry’s nine-month performance report presented to Parliament at its 26th regular session. According to the report, only 16 km of existing roads have been strengthened, despite plans to strengthen 12 km and upgrade 234 km. Of the 566.8 km of new expressways planned, just 385 km have been completed. Council members questioned why roads planned as far back as the 1980s remain unfinished, why some newly built roads are deteriorating before use, and why affected residents wait years for compensation. Responding to these concerns, the Ethiopian Roads Administration said many roads are currently under construction, repair, or separation. However, delays in roadwork are also slowing compensation and material supply processes. The Ministry reaffirmed that the steep increase in material costs remains the main factor behind the failure to meet construction targets. In parallel, efforts to improve urban living conditions are ongoing. Through an expanded safety net programme, 597,123 able-bodied citizens in 88 cities have taken part in local development projects. A total of 3.8B Br has also been distributed to 1.18 million citizens in 87 cities.

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Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


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Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


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ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...