Ethiopia, Africa's fastest growing economy is set to embark on its infrastructure journey, to improve the transport and network connection to boost trade. The second most populated country is touted to lead the continent in the infrastructure project that will catapult the country's global economic outlook based on the creation of business and investment opportunities. Better infrastructure has lured investors into economies and created employment opportunities as well.
The Addis Ababa City Roads Authority is on the verge of completing the signing of road designing and construction contracts with six constructors and five consultancy companies. The agreement is believed to be in the region of $43 million (Birr 1.2 billion). Authority's Director General Moges Tibebu stated that the Government forecasts to complete the project within two years.
According to the terms agreed on the commitment, there will be the construction of new 25.32 km asphalt concrete roads within Addis Ababa, the capital of the country, as well as the design of the new156 km road construction in different locations of the town.
The ease of movement of both goods and commodities should spiral business and trade in the country's commercial and cultural hub. Traffic snarl up has slowed down the business effectiveness and hampered the growth of the business environment in the largest city in Ethiopia. The plans induced to curb such hurdles should help the ease of doing business and benefit the various sectors.
Improved coverage of the city will foresee the development of startups, employment creation and contribution to the GDP of the country. The attractiveness of the promising market in the nation has caused investors to flock. The upgrade of such infrastructure is hence crucial to accommodate the growing market.
The road sector is covering the bigger chunk of the Parliament's budget and other similar projects to attract more businesses.