Addis Ababa attracted more than Birr 1.3 trillion in capital investment over the past five years, supported by projects in manufacturing, infrastructure, tourism, technology, services and public-private partnerships, Mayor Adanech Abiebie announced.
The mayor presented the figures during the fourth regular session of the Addis Ababa City Council, where she delivered the city administration’s performance report for the 2018 Ethiopian fiscal year.
According to the report, the city issued 22,190 new investment licences and 1,632 expansion licences to existing businesses during the five-year period.
More than 2,000 of the newly licensed projects have already begun operations, bringing over Birr 54 billion into the city’s economy and creating employment opportunities.
Adanech said the city administration had made progress in expanding investment opportunities and improving the business environment. She attributed the growth in investment to an improving investment climate, increased economic activity and stronger private-sector participation.
The mayor added that private investment had contributed to economic growth, job creation and wider access to the benefits of the city’s development.
The administration plans to continue facilitating business operations, expanding infrastructure and encouraging greater private-sector involvement to sustain the capital’s economic transformation.
In a related development, the Addis Ababa City Council approved a Birr 502.27 billion budget for the 2026/27 fiscal year.
Capital expenditure accounts for 71.5 percent of the approved budget, while 25.3 percent has been allocated to recurrent expenditure.
The capital budget will support job creation, housing development, infrastructure construction, transport service improvements and the continued modernization of the city.
The budget will also finance social development, water supply, public services, ongoing development projects and good-governance activities across Addis Ababa.
Source (including image): Ethiopian News Agency
