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The sister financial institutions, Nib International Bank and Nib Insurance are launching a soil test to determine a construction site for their joint headquarter buildings.

The buildings are to be constructed on a 3000 m2 plot of land leased near the National Theater in Addis Ababa. The building will be 33 storey high with four sub-terrain floors according to the design approved said Tafesse Bogale, Chairman of the board of directors of the bank.

The design for the building was executed by Haile Gabriel Consult Architects and Engineers selected by the Nib management after a design competition. Nib management and the consultants have declined to disclose the development of the project.

Nicon PLC, an Ethiopian transit and cargo company, has announced plans to establish electric bicycles assembly plant in Ethiopia.

The company has secured land for the plant at a cost of 10 million Ethiopia birr and says it will start producing Ethiopian made bikes within a year.

TECH5, an innovator in the field of biometrics and digital identity management, announced it has become an international partner and technology supplier for the National ID Program (NIDP) of Ethiopia.

Arik Air, a Nigerian private airline, asked the Ethiopian Civil Aviation Authority (ECAA) for permission to start flight services to Addis Ababa.

Over eight months have elapsed since Arik Air asked permission for traffic rights, Dr. Harol de Muren, director general of Nigerian Civil Aviation, said last week in Dare es Salaam at the 17th Aviation and Allied Leadership Conference.

A representative of Arik Air said that Arik Air’s delegation was in Addis Ababa last week to discuss the issue with officials of ECAA.

Paga, an aggressive Nigerian fintech startup acquired Apposit, a US software company with primary operations in Addis Ababa, Ethiopia. Apposit builds software to power innovative and high impact businesses in Africa.