Chinese firm to build new HQ for NIB

Construction of the new 35-storey headquarters for Ethiopia's NIB International Bank is to be carried out by Chinese construction firm China Railway No.3, with work scheduled to begin around the end of October.

In addition to hosting the bank, the building will house the NIB insurance company. The skyscraper will be located on a 3,682-sqm plot behind the National Theatre, in an area designated by the capital as the future financial district.

Although the design was completed two years ago, the original 2,800-sqm site was subsequently extended by 882 sqm and the original design adapted accordingly.

The bank has not disclosed the building’s estimated cost but hopes that construction can be completed within three to four years. The NIB bank and insurance company say they plan to construct additional financial services buildings in Ethiopia's regional towns in the future.