Ethiopia, China sign $1.4 billion loan agreement

Ethiopia China Loan

Ethiopia and China today signed a loan agreement amounting to 1.4 billion USD to support Ethiopia’s infrastructure development endeavors.

The finance will be used to fund six projects including the Ethio-Djibouti railway project, electricity supply, road development, installation of natural gas pipeline and building capacity of small enterprises.

The signing came following talks between visiting Ethiopian Prime Minister, Hailemariam Desalegn and his Chinese counterpart Li Keqiang.

Ethiopia and China have enjoyed a strong relationship in all aspects. The two countries have signed various agreements previously to enhance cooperation.

The 2014 visit of Chinese Prime Minister, Li Keqiang to Ethiopia, followed by signing of more than a dozen agreements believed to boost ties between the two countries.

Hailemariam has also addressed a meeting organized to deliberate on investing in Ethiopia’s agriculture sector.

The Premier said that Ethiopia needs foreign investors who accelerate the implementation and success of the country’s agriculture led industry policy.

The nation has managed to create conducive investment atmosphere to lure more FDI, he added urging Chinese companies to utilize business and investment opportunity.

 Source: ENA