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The Addis Ababa City Roads Authority announced a budget of 2.6 billion birr to construct interchanges and roundabouts as  a part of the Light Railway Transit being launched in the Ethiopian capital. The budget for the roads development is expected to be covered by the federal government and the city administration according to sources.

The roads authority will select a contract for the construction of the interchanges and roundabouts once it confirms funding it was noted.

The authority plans to invite capable and experienced international contractors to handle what is expected to be a difficult project explained Engineer Fekade Haile, General Manager of the AACRA. Add a comment Add a comment

Brazil is to co-finance the Ethiopian railway infrastructure construction project alongside China and Turkey.

The Ethiopian Ministry of Finance and Economic Development is in the final stages of negotiations with Brazil for the financing of the Sebeta-Ijaji-Jimma-Bedele railway project according to sources at the ministry.

It is to be remembered that Andrade Gutierrez S.A , Brazilian contractor signed a Memorandum of Understanding  with the Ethiopian Railway Corporation last financial year handle the construction of the railway project under the condition that it will find financing. Add a comment Add a comment

Gold produced by traditional artisan gold miners in Ethiopia has been below projection for the last two quarters according to sources.

A estimated 2 thousand traditional miners in the five gold producing regions of the country have only been able to supply 4,325 kilograms of gold to the National Bank of Ethiopia so far this fiscal year said the sources.

The amount supplied is 34.4 percent lower than what had been anticipated it was noted. The production rate is however still higher than the 3,809 kilograms that was produced by artisan miners in the previous financial year. Add a comment Add a comment

Addis Ababa University, foremost institution of higher education in Ethiopia, is to establish a Technology Business Incubation Center as well as a Science and Technology Park. The proposed center, the Addis Ababa University Technology and Business Incubation Center, will be a center to promote excellence in entrepreneurship development as well as serving to commercialize technological innovations at the university.

It is expected to offer a range of support services including infrastructure, finance, management assistance and a support network to strengthen new and emerging entrepreneurial efforts it was said at a at a workshop organized to promote the proposed center. The center is also expected to support the university’s aim to strengthen technology transfer, and research and development efforts. Add a comment Add a comment

The Ethiopian Insurance Association has requested permission from the National Bank of Ethiopia to enable a system to share credit information amongst insurance companies.

The insurance companies have need of such a system to check if clients are in debt to other insurers so as to help with the 1.7 billion birr of uncollected debt currently weighing down the industry. The association is proposing to collect the debt collectively owed to the sector within two years.

It is to be remembered that Ethiopia’s newly ratified ‘Insurance Business’ proclamation has made several changes to how the industry operates. The new proclamation prohibits insurance companies from providing policy coverage on credit according to a notification issued by the national bank in a circular signed by Temesgen Zeleke, Director of the Insurance Division Directorate at NBE. Add a comment Add a comment

Tullow Oil has begun drilling work on its concession in South Omo, Ethiopia. The British oil exploration is drilling its first well following eighteen month long seismic tests an area over 18 thousand kilometers square. The company began drilling last week on the bloc named after a local bird ‘Sabisa’.

The explorer has hired a drilling company, and all the drilling machines and other required machines have arrived at the drilling location according to sources.

It is to be remembered that the Ethiopian Ministry of Mines announced that it was in the process of facilitating visas for a Tullow drilling crew that will oversee the launch of drilling processes in October. Add a comment Add a comment

Ethiopia is to ban the export of rough opal as part of an effort to encourage exporters to add value to gemstone and earn increased revenues according to sources at the Ministry of Mines. The ban on opal exports will be the second similar action following the ban of unprocessed tantalum just five months ago.

Almost 80% of the rough opal, used in the production of jewelry and ornaments, is primarily exported to India.

There are currently 17 associations made up of than 2 thousand miners are currently engaged in the mining of opal in the Amhara Regional States. The artisan miners in these associations sell the gems to an estimated 200 exporters licensed by the ministry. Add a comment Add a comment

Adag International plc opened a cereal, spice and oilseed processing plant in Ethiopia. The factory was constructed on 4 thousand meter squares in Adama, Oromia Regional State.

The construction work on the factory was completed in nine months and required an investment of 15 million birr. The machinery for the plant was imported from the United Kingdom at a cost of 300 thousand birr.

The factory has the capacity to process 75 thousand tons of agricultural products daily for export purposes. Add a comment Add a comment

Condominium shops in Lideta area of Addis Ababa sold for a record amount according to the city Housing Development Projects Bureau. The municipality earned 284.8 million birr from the sale of the condominium shops that sold more than eight times the floor price.

The Housing Development Projects Bureau received 14 thousand bids for the 150 shops it had on offer and announced 149 successful bids.

The successful bidders will pay 50 percent of the agreed upon sum upfront and the balance over a period of five years through the Commercial Bank of Ethiopia. Add a comment Add a comment

The latest round of land lease auctions held by Addis Ababa City Administration received lower bids than what was offered in the previous round two months ago.

The municipality attracted an estimated 2,371 bidders for the land it put on auction. The auction included land targeted for residential, mixed use and apartment use. Most of the plots are to be found in Bole sub-city while others are to be found in Kolfe Keranio and Nifas Silk according to sources.

The land in Bole sub-city is classified into third and fourth grade plots and the eight plots in Nifas Silk are graded as third and second while the two plots in Kolfe Keranio are grade three. Add a comment Add a comment