The Addis Abeba International Convention and Exhibition Centre (AAICEC) and CGCOC Group Ltd. have signed an agreement for the construction of the long-delayed centre's phase one project at the cost of 1.1 billion dollars.
The agreement was signed in a ceremony held at Sheraton Hotel on May 17, 2017, with the presence of the company's executives and major stakeholders. The move came two months after the AAICEC awarded the company from among ten businesses that were interested in constructing the centre.
CGCOC, which has worked in the construction of the Ethiopian Glass Factory, and the Nile River Bridge project, has agreed to complete the first phase of the centre within 36 months.
AAICEC plans to finalise the two phases of the centre with a total cost of 2.7 billion dollars. The first phase involves the construction of the centre and shops while the second phase will witness the development of a conference centre with a capacity to hold 5,000 people, a restaurant and hotel.
Founded four years ago, AAICEC has 525 shareholders including Addis Abeba City Administration, Ethio-South Investment S.C., Awash Insurance and Bank of Abyssinia.