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In search of light!
Gilgel Gibe II had lit hopes of
consistent electric power production
in Ethiopia since it started
production four months ago. Eight
days after an elaborate inauguration
on January 13, 2010, on which the
pride and glory of the stakeholders
involved was paraded all over the
project site and on the airwaves,
however, disaster struck. The plant
encountered technical difficulties
that would halt power production on
January 24. Little has been
unravelled of the foggy incident
that involved a tunnel ceiling
cave-in on a 15 metre portion of the
26km tunnel. In the midst of a
jumble of issues that still face the
team of experts, including the issue
of who is responsible for covering
the costs, a group of experts and
officials including (from left to
right) Abdul Hakim Mohammed, process
executive officer for Generation
Construction at EEPCo; Miheret
Debebe, CEO of EEPCo; Alemayehu
Tegenu, minister of Mines and
Energy; and Eugene Zopis, project
manager at Salini, listen to
Christopher Douglas, representative
of ELC Electro Consult, the
consultant for the project, during a
belated press conference at which
time the officials opened up to the
public for the first time.
PLEASE SEE THE FULL STORY |
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Feds to
Change Federal Budget Formula |
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Architects of Ethiopia’s budget will, for the first
time, change the formula they employ to author the
Federal Government’s budget for the coming fiscal
year. They will no longer accept from ministries’
and agencies’ budget proposals based on line items
as has been the case in the past. The budget will be
based on programmes, sources disclosed to
Fortune. |
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Capital Starved DBE Gets 1.4b
Br CBE Loan |
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The Development Bank of Ethiopia (DBE) is to take
yet another loan at 1.4 billion Br from the
Commercial Bank of Ethiopia (CBE) in its bid to
fulfil its lending commitments, estimated to reach
over three billion Birr, which are approved for a
series of companies, including some in the export
sector. |
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City Drudges Deeper into Debt |
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Kuma Demeksa’s debt ridden Addis Abeba City
Administration is to wallow still deeper into debt,
following the authorisation of a further 250 million
Br bond sold to the state owned Commercial Bank of
Ethiopia (CBE). |
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European Election Observers to Arrive This Week |
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International election observer organisations
invited by the Government of Ethiopia for the
upcoming elections in May 2010 have started making
preparations to send their election observers here.
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Staggering 166b Br Requested for Road Sector |
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The Ethiopian Roads Authority (ERA) has requested a
staggering 166 billion Br for road construction in
the next five years, nearly 350pc of the budget it
has had for the five-year plan which will expire by
the end of this fiscal year. |
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Athletes Lose Land to Saudi Embassy |
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The Addis Abeba City Administration took away plots
of land already given to athletes Gete Wami and
Sileshi Sehen and gave them to the Embassy of Saudi
Arabia. |
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New Home for Revenue, Customs
Authority |
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The Ethiopian Revenue and Customs Authority’s (ERCA)
head office is moving in two months from the rented
building at Beklo Bet in the Kirkos District to its
new facilities around Meganegna in the Bole
District. |
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City Gov’t to Hand Landholders
Plans |
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Issuing plans to landholders in the city had been
prohibited by Kuma’s administration soon after it
took over from the caretaker administration in May
2008. The various directives that had been issued
by the administrations that preceded it had made it
difficult to deliver speedy and just service, the
administration said, at the time. That led to the
preparation of the draft directive which was
completed and delivered in April 2009. |
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Central Bank Loosens Credit
Tightening |
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Authorities at the central bank have eased, albeit
marginally, their grip on tightening credit and
lending caps imposed on the banks, reliable sources
disclosed. |
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City Administration to Invest
in Anbessa Bus |
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The Addis Abeba City Administration is preparing to
invest in the ownership of the Anbessa Bus Transport
Enterprise as it is transferred through the
Privatisation and Public Enterprises Supervising
Agency (PPESA). |
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New Website Lists Real Estate
in Ethiopia |
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A new website entirely dedicated to renting and
selling houses was launched three weeks ago under
the domain name www.liveinethiopia.com by a
local advertising firm, eCom. |
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LPG Fuel Price Rockets as
Supply Plummets |
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The price of liquid petroleum gas (LPG) has gone up
26 to 36pc following the cutoff of imports from
Sudan; the gas has been hard to find on the market
for consumers over the past three weeks. |
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Feb 07, 2010 |
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Adama
Gets First Traffic
Lights |
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The installation of the first traffic lights for
Adama (Nazareth) Town at three different locations,
which cost nearly one million Birr, will be competed
and delivered by February 22, 2010, Abdo Mohammed,
head of the Administration and Security Office told
Fortune. |
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Adama Employs 8,810 in Cobblestone Scheme |
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A
total of 30km of sidewalks will be paved using
resources contributed by the public, the
administration, the Urban Development Fund, the
Urban Local Government Development Project (ULGDP)
and the Road Fund during the year. |
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NIB Ogles Construction Fair |
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It would seem as if Nib Insurance SC was the only
insurance firm that recognised the existence of
potential clients in the construction industry. It
was the only company in its sector that attended the
Ethio Built’10, which was the second Addis
International Construction and the first Real Estate
Trade Fair, jointly organised by an Ethiopian and
Ecuadorian companies. |
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