Latest Business Alerts

Wegagen Bank Reported 340 Million Birr Net Profit After Tax

Wegagen Bank reported a 449.6 million birr profit before tax in the 2012/13 fiscal year, Capital reported.The bank's net profit after tax stood at 340 million birr, a 1.3 percent growth over the previous fiscal year.

According to the bank’s statement released at its general assembly meeting on November 5, the total deposit mobilization has reached 7.5 billion birr, and total assets of the bank stood at 10.3 billion birr.

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Ethiopia: ERA Launches Harar-Jijiga Road Project

The Ethiopian Roads Authority (ERA) announced the launch of the 20km Harar-Jijiga road construction project, Fortune reported.

The project, awarded to Gemshu Beyene Construction PLC – a grade one contractor local contract for 360 million Ethiopian birr, launched on Tuesday, November 5, 2013. Core Consulting Engineers PLC is consulting the Ethiopian Roads Authority (ERA) on the project.

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Addis-Adama Expressway Project 82% Completed

ccc Construction works of the Addis-Adama expressway has reached 82 percent and will be fully completed in April 2014, Fortune reported.

The expressway is designed to relieve the heavy traffic congestion in the route. After the opening of the expressway, travel time between the two cities will only take 40 minutes from the current two hours.

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Ethiopian Civil Aviation Authority and its Nigerian Counterpart signed MoU to Increase Weekly Flights

civil-aviation The Ethiopian Civil Aviation Authority (ECAA) and the Nigerian Federal Ministry of Aviation signed a memorandum of understanding (MoU) to increase the number of flights between the two countries, Fortune reported.