UAE to Invest Over 3 bln USD in Ethiopia

Addis Ababa june15/2018  United Arab Emirates have agreed to invest more than 3 billion USD in Ethiopia. Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE’s Armed Forces Sheikh Mohammed bin Zayed Al Nahyan, through the invitation of Prime Minister Abiy Ahmed, has started his two-day official visit to Ethiopia today. Government Communication Affairs Office Minister, Ahmed Shide told journalists that two billion USD will be invested in various fields while 1 billion USD will directly be deposited to the National Bank of Ethiopia. “It is a deposit of one billion USD to the National Bank of Ethiopia that will be used for various foreign financing of different government activities and the two billion USD will be an investment in various sectors of the economy,” he pointed out. He added that the official visit of Crown Prince Zayed Al Nahyan was fruitful in heightening and deepening the bilateral cooperation among the two countries. “The visit by Crown Prince Sheikh Mohammed bin Zayed Al Nahyan of the United Arab Emirates signifies the highest level and comprehensive partnership between the UAE and Ethiopia,” Ahmed stated. A total of seven agreements were signed by different officials of the two countries, including:

1. MoU on Mutual Exemption of Entry Visa for Holders of Diplomatic Passport
2. MoU on the Establishment of a Joint Committee for Consular Affairs
3. MoU on Economic and Technical Cooperation
4. MoU on the field of Tourism
5. MoU on Cultural Cooperation
6. Agreement between National Bank of Ethiopia and Abu Dhabi Fund for Development
7. MoU between Ethiopia and Abu Dhabi Fund for Development

According to the Minister, the successful visit of the Crown Prince is part of the excellent and comprehensive economic and political cooperation. 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 in Addis.