MPs Pass Bill with Divided Votes

Mar 16 , 2019


[ssba-buttons]

The bill drafted for a loan agreement to finance the Meqelle Water Supply Development Project was passed for further review with 20 abstentions and against votes. The 230 million dollars of financing that came from the Export-Import Bank (EX-IM Bank) was aimed at financing the construction of a dam on Giba River with a capacity of holding 362 million cubic meters of water. The project also includes the construction of a water treatment plant with a daily treatment capacity of 136,700 cubic metres roads, procurement of electromechanical equipment and other utilities. After a fierce debate, the bill was passed to Finance, Revenues & Budget Affairs Standing Committee for further review. The framework for the interest-free loan agreement was signed in May 2018 in Addis Abeba, while the concessional loan was signed in Beijing the following month between the governments of Ethiopia and China. The loan will be repaid within 20 years and has between seven to 10 years of grace periods.


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 today, 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) payments. The bank...


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. ...