The 60 billion birr Africa’s giant tower going to be built in Addis Ababa

The 125th anniversary of Addis Ababa’s foundation, which had been observed for the previous year as Ethiopia’s capital, has now come to an end. Addis Abeba is a remarkably young city given that it is the capital of a nation with a history that dates back more than three thousand years. But in only a few short decades, the city has transformed from being a national capital to the political center of Africa, the home to hundreds of diplomatic missions and organizations from across the world, and one of the “rapid evolving cities,” in the words of Lonely Planet. It has expanded significantly, become densely inhabited compared to its youth, and undergone significant transformation in many areas. It has also become the business hub for numerous foreign institutes and organizations. Addis Abeba has faced and continues to face significant challenges as a capital city due to a severe lack of suitable housing and a road system that cannot keep up with the needs of the city’s expanding population. The national government has already spent more than 15.4 billion Birr to construct 207, 000 housing units across the country, 140, 000 of which are in Addis Abeba and cost 7.8 billion Birr to construct. The government recently unveiled the 40/60 project, a sizable housing construction initiative in which housing beneficiaries will be required to put down 40% of the home’s value up front, with the remaining 60% anticipated to be covered by the government as a long-term loan to be repaid by the beneficiaries later on.

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