Unity Parks Corp. starts out with 28bln in authorized capital
The Council of Ministers has approved the formation of a new state-owned enterprise to administer government-built parks and recreation centers in Addis Ababa and elsewhere with an authorized capital of 28 billion birr.
The Unity Parks Corporation will start its tenure with the capital’s Unity Park and its adjoining car park, both Friendship Square parks, and the Science and Technology Museum under its wing, according to its establishment regulation, which was passed by the Council on July 30, 2024.
The Corporation, which was formed with 22 billion birr in in-kind and paid-up capital, is endowed with the right to establish its own subsidiary companies pending approval from the Council.
The Office of the Prime Minister will be responsible for deciding on the inclusion of additional parks to the Corporation’s purview, according to the regulation.
Sources indicate the Chaka Project, an extensive satellite city under construction on Yeka hill on the fringes of the capital, will be placed under the Corporation upon completion.
Although the PM’s office will be the Corporation’s direct supervising authority, it will still be governed by federal laws under the government-owned enterprises proclamation.
Officials foresee utilizing the Corporation as a tool to ensure that parks, museums, and other related tourist destinations are accessible to the public, provide their intended services, generate revenues, and promote sustainable growth.
The government hopes it will be able to position itself as a globally competitive entity with its own vision and structure as well as play a key role in preserving and promoting the attractions under its wing, including the wildlife, flora, and avian species inhabiting the parks.
The Corporation will also be responsible for providing and maintaining sports and recreational facilities at its parks, while officials want to see it bolster tourism and cultural understanding.
The Corporation will host public-fund raising campaigns to fund its operations in various parts of the country, aside from the income it will generate from visitors.
Source: Unity Parks Corp.
