Ethiopia, Africa’s fastest growing economy has signed US $43m road designing and construction agreement with six constructors and five consultancy companies in bid to embark on its infrastructure journey and to improve the transport and network connection in the country.
The second most populated country is committed to lead the continent in the infrastructure project that will transform the country’s global economic outlook based on the creation of business and investment opportunities. Better infrastructure has lured investors into economies and created employment opportunities as well.
Also read:Â Ethiopia to sign US $483.1m contract for roads upgrade
Project agreement
According to the Addis Ababa City Roads Authority Director General Moges Tibebu, the agreement entails the construction of new 25.32 km asphalt concrete roads within Addis Ababa, the capital of the country, as well as the design of the new 156 km road construction in different locations of the town.
The ease of movement of both goods and commodities should spiral business and trade in the country’s commercial and cultural hub. Traffic snarl up has slowed down the business effectiveness and hampered the growth of the business environment in the largest city in Ethiopia. The plans induced to curb such hurdles should help the ease of doing business and benefit the various sectors.
Parliament budget
Improved coverage of the city will foresee the development of startups, employment creation and contribution to the GDP of the country. The attractiveness of the promising market in the nation has caused investors to flock. The upgrade of such infrastructure is hence crucial to accommodate the growing market.
The road sector is covering the bigger chunk of the Parliament’s budget and other similar projects to attract more businesses. Authority’s Director General Moges Tibebu stated that the Government forecasts to complete the project within two years.
