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Awash International Bank Share Company (AIB) signed a 257.7 million birr agreement with Giga Construction Private Limited Company to build a 10 storey building at Balcha Aba Nefso (Lideta) branch of the bank.
The building, lying on 2800 square meters, was taken on an 18 million birr lease agreement from the Addis Ababa City Administration and is expected to be completed within 1,095 days.
It’s expected to house, in addition to a branch of the bank, other shops and offices.
Tsehay Shiferaw President of AIB said the bank, which has shown remarkable achievement over the last 17 years of its existence, has not only built its edifices in Addis but also in regional states.
Awash Bank had inaugurated a three storey building in Shashamene 277Km south of Addis Ababa, and a two storey building in Nekempte 327Km North West of Addis Ababa.
While a four storey building construction in Gimbi 456Km north West of Addis Ababa is expected to be completed in the next Ethiopian Fiscal Year 2012/13 and another two storey building in Agaro city 408Km west of Addis Ababa is currently being constructed.
Preparations are also being made to construct a seven storey building around Yoseph church named “Bulbula building” and a six storey building in the bustling southern city of Hawssa, 273Km south of Addis Ababa.
Tsehay further said that the bank is working on making its service more efficient, fast and modern and for this purpose, is working on replacing its core banking technology for the introduction of Internet and Mobile banking services.
Gebrehiwot Girmay (Eng.) General Manager of Giga Construction PLC said since work is a team effort he believes the bank will pay on time its dues while the consultancy company will be timely in informing them of the adjustments made in design resulting in quality work.
The consultant chosen for the edifice is Zeleke Belay Architects Company.
“Giga construction for the last two decades had done excellent work in Addis and regional states which have cemented our work and we can assure AIB that we’ll put all of our expertise in the construction of the building,” said Gebrehiwot.
AIB which was formed more than 17 years ago has presently 85 branches around Ethiopia, with a total deposit reaching 9.4 billion birr and total bank assets of more than 15 billion birr.