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Addis Ababa City Administration has officially inaugurated the Yeka No. 2 Car Park, a state-of-the-art eight-floor facility with the capacity to accommodate 1,000 vehicles simultaneously. Strategically located between Shola Gebeya and the major intersection, the project is expected to significantly ease traffic congestion in one of the capital’s busiest corridors.

The modern car park comprises five floors above ground and two underground, featuring advanced technologies, 24/7 security, sanitation services, three car wash bays, elevators for both passengers and vehicles, as well as inclusive facilities designed to serve people with disabilities.

Mayor Adanech Abiebie, announcing the launch on her social media page, emphasized the project’s contribution to “the comfort, safety, and dignity of Addis Ababa residents.” She noted that the facility is more than just a parking solution—it is a multi-functional urban infrastructure designed to boost economic activity and urban aesthetics. The structure also includes retail shops and office spaces, fostering business and employment opportunities for locals.

“This is part of our ongoing efforts to modernize Addis Ababa’s transportation system and make our city worthy of its name—‘the new flower,’” said Mayor Adanech.

The Yeka No. 2 Car Park marks a significant departure from previous parking infrastructure in the city. Before recent urban reforms, the government had only constructed two public parking lots, serving fewer than 500 vehicles. Today, Addis Ababa boasts 150 public parking facilities and 49 terminals, with combined capacity to serve up to 35,000 vehicles at once.

 


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Ethiopian Engineering Corporation (EEC) reported a 60% year-over-year revenue growth, reaching 5.5 billion ETB in the first nine months of the 2024/25 fiscal year. The state-owned enterprise delivered 96 design projects, 251 contract supervision assignments, and 36 construction projects—achieving 88% physical and 101% financial performance.

The figures were presented during a high-level performance dialogue and site visit led by Ethiopian Investment Holdings (EIH) at EEC headquarters. The review focused on operational performance, strategic investment planning, and market diversification.

Among the 54 completed design and supervision projects and 22 completed construction projects are critical national developments, including the Sendafa Forensic DNA Laboratory, Bole Arabsa Wastewater Treatment Plant, National Bank Cash Center, Phase I Corridor Development, and initiatives under the “Dine for Generation” program.

EEC’s international expansion into Tanzania and Nigeria with road and water engineering consultancy services signals growing regional ambition. The company’s performance reflects its operating ethos—“Collaboration, Innovation & Deliver”—and underscores its role in Ethiopia’s infrastructure modernization.

EIH commended the results while urging EEC to deepen its focus on long-term investments, diversify its financing sources, and strengthen its foothold in foreign markets to broaden its client base and reduce overreliance on public contracts.

 


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In a decisive move that signals Ethiopia’s growing appetite for foreign investment, the Council of Ministers has approved a draft proclamation that will allow foreigners to own or possess immovable property in the country. The new legislation, discussed during the Council’s 44th regular session, marks a pivotal shift in Ethiopia’s real estate policy, traditionally closed to non-citizens.

Government officials underscored that the framework has been designed to stimulate capital inflows without compromising the land rights of Ethiopian citizens. By establishing a clear legal structure for foreign ownership, authorities aim to unlock large-scale investment in housing development, address the chronic mismatch between housing supply and demand, and create new employment opportunities in construction and related sectors. The draft proclamation, now set to be debated by the House of People’s Representatives, is seen as a cornerstone in Ethiopia’s broader strategy to make its urban landscape more accessible and investor-friendly.

The session also tackled other key resolutions aligned with Ethiopia’s vision for structural transformation. One of the standout decisions was the approval of a regulation to implement the African Continental Free Trade Area (AfCFTA) tariff reduction on goods. Once published in the Federal Gazette, the regulation—set to be enforced within a month—will facilitate freer trade among African nations by cutting tariffs that often hinder intra-continental commerce. The Council emphasized that this measure is crucial for accelerating regional economic integration, expanding market linkages, and strengthening Ethiopia’s role in Africa’s evolving value chains.

The Council also ratified Ethiopia’s move to join the African Finance Corporation (AFC), an institution that offers financial and technical assistance to both public and private sector projects across the continent. Membership in the AFC is expected to unlock new funding avenues for critical infrastructure and industrial development, sectors considered vital for long-term economic resilience.

Meanwhile, two interest-free financial assistance agreements—one with the Government of Italy and the other with the International Development Association—were also endorsed. These agreements will support the country’s environmental and green economy initiatives, as well as transformative reforms in the education sector. Officials noted that both loans are in full alignment with Ethiopia’s debt sustainability framework and offer generous grace and repayment periods.

To improve institutional efficiency and customer satisfaction, the Council further discussed and approved new regulations on service fees for the Ministry of Transport and Logistics and the Civil Society Organizations Authority. The changes are intended to reflect the cost of service provision while remaining sensitive to public affordability.

Wrapping up the session, the Council approved a draft proclamation to ratify the bilateral air transport agreement signed with Austria. The pact is expected to strengthen diplomatic and commercial ties, broaden market opportunities for Ethiopian Airlines, and contribute to tourism, foreign investment, and job creation.




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