State Giant CBE Inaugurates $303m HQ


State Giant CBE Inaugurates $303m HQ

Nearly 304 million dollars and six years of construction later, the state-owned Commercial Bank of Ethiopia (CBE) has inaugurated its new headquarters in Addis Abeba. The 48-storey building on Ras Desta Damtew Street was erected by the China State Construction Engineering Corporation Ltd. Laying on an 18,000sqm plot, the HQ comprises three separate buildings. The main edifice, which is officially the tallest building in the country, contains four underground layers that will serve as parking space with the capacity to hold 1,500 vehicles each. The other two structures are 11 and 13 storeys high. Altogether, the headquarters boast a floor space of 150,000sqm.  The CBE's executives plan to lease the 47th floor to an upscale dining establishment and open the highest floor to the general public as a destination for sightseeing, offering a 360 degree view of the capital. The state-owned giant is the latest to open a headquarters in the Sengatera area, known as the Wall Street of Addis Abeba. Nib and Hibret banks have also inaugurated their respective HQs, with Zemen Bank expected to do the same in the coming months.


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...