Nib International Bank (NIB) and Nib Insurance Company (NIC) are to construct three additional buildings in Addis Ababa, Hawassa and Dire Dawa for their joint use, according to Addis Fortune.

The construction in Addis Ababa will rest on 1,435.5 square meter plot of land along African Avenue. Dunya Consulting, Architects and Engineers Plc has undertaken the design work for 2.5 million Birr, said Tagel Ngatu, joint construction project manager. The building will have 17-storeys.

The design for Hawassa building has been done by Bereket Tesfaye Consulting, Architects and Engineers for 1.5 million Birr. It has two towers, having 9 and 11 storeys respectively.

Alfler Consulting, Architects and Engineers Plc has designed the Dire Dawa building for 93,000 Birr. It is under construction on 2,400 square meters plot of land and has seven floors. Demera Engineers and Construction is handling the construction for 98 million Birr.

These three construction projects are additional to the headquarters construction project that commenced three years ago on 3,600 square meter lot.

NIB and NIC respectively have a 75 and 25 percent financial contribution to the construction of their headquarters. But their financial share for the new projects is still undecided, said Kibru Fondeja, President of NIB.

NIB was established on May 26, 1999 with 717 shareholders and paid-up capital of 27.6 million Birr. According to the bank’s 2013/14 performance report, its current paid-up capital is 1.2 billion Birr.

On the other hand, NIC was established on May 2, 2002 with 818 shareholders with a paid-up capital of 30 million Birr. Currently, its paid-up capital is 130.6 million Birr, according to the company’s performance report of 2013/14.

Source: Addis Fortune