Commercial Bank of Ethiopia to have the tallest building in East Africa

April 30,2015

Source : www.china.org.cn
Source : www.china.org.cn

Commercial Bank of Ethiopia (CBE) reportedly signed an agreement with Chinese construction company,the China State Construction Engineering Corporation (CSCEC), in pursuit of building project which is said to be the tallest in East Africa.

China.org.cn credited the news to Xinhua- a major Chinese online news source.

According to the source, the building is expected to be 46 story and will be 198 meters tall when completed. Once completed, it will be designated as the headquarter of Commercial bank of Ethiopia.

The agreement was singed on Tuesday in the capital – Addis Ababa – at the CBE head office.

Bekalu Zeleke, CBE President, is quoted as saying “Not only the height, but the overall quality of the building, we believe that this will be one of the best buildings in Africa”

The report indicates that CSCEC undertook similar projects in China.

Commercial Bank of Ethiopia profile suggests that CBE was established in 1942 – which obviously makes it one of the oldest institutions in the country. It has about 900 branches across Ethiopia and has a reported asset of 242.72 billion birr in 2014 fiscal year.

The cost of the building project is not indicated by the source.

Whether a building like this is an absolute necessity and/or a priority from the point of view of dire unemployment which is pushing thousands of youth out of the country,of whom some only to end up in tragic death, or whether it is a prestige project is something worth asking.

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