Yirgalem Bags Contract for Foreign Affairs Complexes

Nov 19 , 2022


[ssba-buttons]

A private construction firm won a bid to complete a diplomatic centre and housing complexes within two years. Executives of Yirgalem Construction signed a deal with federal officials to resume the interrupted project under the Ministry of Foreign Affairs. The Ministry of Urban Developemnt & Infrastructure terminated a contract with Afro-Tsion Construction last year for lack of progress after the project reached 14pc. Afro-Tsion was awarded the project five years ago with a cost of 1.1 billion Br, to be completed in three years. Telahun Abebe and Yirgalem Construction were shortlisted when the Ministry refloated a public tender in January this year. Aspire Aecom Architectural & Engineering Plc supervised and designed the two buildings on a 7,172sqm plot on Tito Road (Cazanchis area). Yirgalem Construction, incorporated 17 years ago, is contracted to build a 5.6Km road connecting Ayer Tena to Wolete Sefer roundabout, for 1.3 billion Br.


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...