Ethiopia concluded a US$700 million contract with Huawei Technologies Co Ltd, a Chinese multinational networking and telecommunications equipment and services company headquartered in Shenzhen, Guangdong. 
The Addis Ababa City Administration is planning to revise municipal service tariffs, based on a study of the Finance and Economy Development Bureau of the city. The new City Administration, led by Mayor Diriba Kuma, that took office two weeks ago, targets to collect 2.3 billion Ethiopian birr revenue from municipal services, according to the city's budget for the 2013/14 fiscal year.
In the just ended Ethiopian Fiscal Year (2012/13), the City has collected 1.6 billion birr from municipal service. In its annual report for the current year, the City’s Finance and Economic Development Bureau said the tariff adjustment, which will see a 43 percent increase in revenue from municipal services, will contribute to the city’s budget, alongside other revenue sources such as tax and non-tax revenue. Add a comment Add a commentAddis Ababa Education Bureau and China Jiangsu International signed a contract to build two schools in the Ethiopian capital, Addis Ababa. The China-Africa Friendship Schools Project will cost 60 million Chinese yuan (US$9.6 million).
Signing the contract, Xie Wei, deputy general manager of China Jiangsu International, said his company will complete the project within 20 months. The China-Africa Friendship School Project "is another landmark for the relations between China and Ethiopia. We will carry out the project strictly as per the agreement to make our contribution to deepen the friendship," Xie said.
Add a comment Add a commentThe Ethiopian Development Research Institute (EDRI) and the Japan International Cooperation Agency (JICA) Ethiopia Office will hold their fourth High Level Forum of Phase II of the Policy Dialogue on Industrial Development on 30th July 2013, EDRI announced.
According to a statement EDRI sent to Ethiopian News Agency, the forum is the fourth event in the series of Phase II of Policy Dialogue on Industrial Development between Ethiopia and Japan. It said the event will focuses on strategic Foreign Direct Investment promotion and technology transfer. Add a comment Add a commentEthiopia has earned US$663.7 million from tourists who visited tourists sites across the country during the just ended Ethiopian fiscal year, according to the Ministry of Culture and Tourism.
Speaking at the opening of a consultative meeting in Robe Town, Bale Zone of Oromia Region on Monday, State Minister Tadelech Dalecho said the revenue was secured from more than 629,000 foreigners, who visited historical, natural and religious attractions in the country.
Add a comment Add a commentThe Addis Ababa City Road Authority is installing new traffic lights at four junctions of the capital. The authority is planning to eventually install traffic lights in 14 junctions throughout the capital to upgrade the city's traffic management.
The authority awarded the contract to U.E International Trading and to a joint venture an Ethiopia and South Africa company. “AACRA will pay out 11 million birr for both bid winners,” Fekade Haile, Director General of the Authority told Capital. Add a comment Add a commentEthiopia's Raya Brewery announced it has raised 500 million Ethiopian birr to fund the construction of a new brewing plant.
Located on the outskirts of Maichew, 670km north of the Capital, Addis Ababa in the Tigray regional state, construction of the plant which will have a capacity to produce 600,000 hectoliters of beer annually is scheduled to be completed within a year time. Add a comment Add a commentBank of Abyssinia shares auctioned by Nile Insurance S.C has attracted bid 224 percent above their par value. Nile Insurance S.C is disposing shares it owned in the bank following a 2008 law which caps the maximum amount of shares a shareholder can hold in a bank to 5 percent of the bank's capital.
In a bid to comply with the law, Nile Insurance, is reducing its shares worth 49.2 million Ethiopian birr to 31.5 million birr by offering for sale 708,704 shares. The National Bank of Ethiopia has set a three year timetable, which will expire in August 2013, for "influential Share holders" to reduce their interest to the maximum amount required by the law. Add a comment Add a commentThe Addis Ababa Cinema House Administration has awarded Skyline Consulting Architects & Engineers PLC., for the design of a new cinema hall building, with a contract value of 2.5 million Ethiopian birr, on July 16, 2013.
Located at Senga Terra, in Lideta Sub-city, the cinema hall will be housed within 2,473 square seven-storey building. In addition to cinema halls, the building will also include studio for film makers, according to Getachew Zeru, General Manger of the the Cinema Houses Administration. Add a comment Add a comment
