Addis Ababa City Administration has reported a significant upsurge in revenue for the current year, surpassing the previous year's figures by Birr 21.9 billion.

Mayor Adanech Abiebie disclosed that the initial target for the preceding six months was to collect Birr 78.6 billion, of which Birr 74.6 billion birr was successfully amassed, achieving 95% of the set objective. This period witnessed a notable increase of 41.8% in revenue compared to the corresponding timeframe in the previous year. According to the Mayor, a total of Birr 64.9 billion was allocated for both regular and capital budgets over the same six-month period, achieving 98% of the target and demonstrating a substantial increase of Birr 19 billion compared to the previous year.

Furthermore, initiatives are in progress to streamline the investment licensing process by transitioning to a paperless system, with the aim of attracting more investors. Six months ago, the city renewed 793 investment permits. Looking ahead, the city administration aims to collect 140 billion birr in the current fiscal year.

It is to be recalled that the Addis Ababa City Administration and China Harbour Engineering Company Limited (CHEC) signed an agreement in August last year to develop a Special Economic Zone (SEZ). The objective is to create an environment conducive to investment, trade, and economic growth, further bolstering Addis Ababa's global economic standing. The SEZ will be constructed on land allocated by the city administration at the prevailing lease rate and will encompass a variety of zones, including educational and cultural precincts, financial and business districts, and modern residential quarters.

Source: Sheger FM 102.1 and 2merkato Archives