Ethiopia, UAE sign $3 billion concessional loan, investment agreement

Dr Abiy Ahmed greeted Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan, the crown prince of Abu Dhabi, at Bole International Airport (Photo: ENA)

ADDIS ABABA – Ethiopia and the United Arab Emirates (UAE) today signed a 3 billion US dollars loan and investment agreements, including a one billion foreign currency support.

Accordingly, the UAE will deposit 1 billion US dollars in the National Bank of Ethiopia to alleviate foreign currency shortages in a few days time to ease the foreign currency shortage in the country.

The remaining two billion is an investment agreement.

The two countries also inked a treaty to waive visa requirement for diplomats from both counties.

Prime Minister Dr Abiy Ahmed and the visiting Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohammed bin Zayed Al Nahyan witnessed the signing ceremony.

Prior to the signing ceremony Prime Minister Dr Abiy and the Crown Prince held talks on issues ranging from business, economy and people to people ties to issues of regional peace and security.

The Crown Prince arrived in Ethiopia for a two-day state visit today.

Upon arrival at the Addis Ababa Bole International Airport, he was welcomed by Prime Minister Dr Abiy Ahmed.

During his visit, the Crown Prince will also meet President Mulatu Teshome to discuss on issues of mutual interest.

He is also expected to meet Chairperson of the African Union Commission Moussa Faki Mahamat and pay a field visit.

Prime Minister Dr Abiy recently visited the United Arab Emirates (UAE). 

Investors from UAE are currently engaged in various investment sectors in Ethiopia. 

Ethiopia also wants to attract more investors from that country in agricultural and tourism sectors.

Source: FBC