Capital Ethiopia Newspaper

Awash inaugurates eight-storey structure in Adama

On June 30, Awash International Bank Share Company (AIB) inaugurated an eight storey building in Adama city, where its main branch will be housed.

The building, constructed by Afro-Tsion Construction and supervised by ACME Consultants and  designers, is   located  in MebratHayil area  of the city, lying on 1,080sqm. It cost three years to complete and consumed 53 million birr . 

Abebe Deressea Planning and Business Development Manager at AIB said although the bank has similarly inaugurated building structures before this is the only one to be inaugurated in the current Ethiopian Fiscal Year 2011/12.

Abebe said they plan for the building to be their head quarters and to have facilities for a basement parking garage.

Previously 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.

A four story building in Gimbi 456Km north West of Addis Ababa is expected to be completed in the next Ethiopian Fiscal Year 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.

AIB also signed in the previous week 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 structure lying on 2800sqm, 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.

In another development the bank said it has opened an office branch in the new World Bank (WB) main office located near Bole Wollosefer Street in Addis Ababa.

Awash Bank has a banking service relationship with WB such as foreign currency account, current account and staff payroll.

AIB which was Licensed in November 1994 as the first private commercial bank in Ethiopia with 24.2 million Br capital and 486 founding members, 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. 16 of its branches were opened during the current Ethiopian Fiscal year 2011/12.