2merkato

Ethiopia signed an US$800 million contract with ZTE, a Chinese multinational telecommunications equipment and systems company headquartered in Shenzhen, China. The agreement was signed on Sunday, August 18, 2013 to expand Ethiopia's mobile phone infrastructure and introduce a high-speed 4G broadband network in the capital Addis Ababa and a 3G service throughout the rest of the country.

The latest agreement with ZTE is part of a US$1.6 billion project divided between ZTE and Huawei Technologies Co Ltd,, another Chinese telecom equipment maker. Huawei signed the agreement last month.

The Ethiopian Roads Authority said it has planned to construct and renovate close to 20,700 km new and existing roads at a cost of 28.9 billion Ethiopian birr during the current Ethiopian Fiscal Year.

Lebu-Goro, DireDawa-Dewele, Lumame-Debre Markos, Gedo-Menebegna, Ambo-Woliso, Konso-Yabelo, Debrebirhan-Ankober, Ankober-Dulecha and Dulecha-Awash are among the new roads which the Authority plans to construct this year.

The Commercial Bank of Ethiopia (CBE) is to provide over 1.6 billion Ethiopian birr in loans to Hiber Sugar Factory S.C., Capital reported citing the announcement made by the management of Hiber.

The Bank will provide 70 percent of the 2.3 billion birr project.

Bamboo Star Agri Forest Industry, a factory that produce wood products from bamboo, has commenced operation in the Benishangul Gumuz Regional state of Ethiopia.

The factory produces wooden items such as tooth picks and kitchen wares from bamboo. Owner and General Manager of Bamboo Star, Michael Gebru told Capital, the company is planning to expand its product line. He said feasibility study for plywood factory with an investment cost of 20 million Ethiopian birr is already underway.