Lottery Draw Sees 25,000 Condominium Units Assigned

Jul 9 , 2022


[ssba-buttons]

A lottery draw last week saw close to 25,000 condominium units assigned to Addis Abeba's residents under the municipality's troubled low-cost housing scheme. The scheme began in the late 1990s after the federal government partnered with the German technical cooperation, GIZ, to experiment with the construction of low-cost dwellings. A pilot project was launched in the Gerji area. The subsequent years saw the construction of 175,000 units in Addis Abeba scattered all over the city, thereby changing the city's urban character. Officials had registered around 300,000 people for housing in the first round in 2005; another round eight years later brought the figure close to one million. However, hundreds of thousands have yet to receive housing due to delays and financial issues.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...