Ethiopia, China signed 1.8 bln USD Investment Agreement

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 Addis  Ababa   April   24/ 2019 Ethiopia and China have signed an investment agreement worth 1.8 billion USD ahead of the upcoming second Belt and Road Forum for International Cooperation.

The agreement is particularly aimed at covering provision of electric power transmission and distribution lines, Office of the Prime Minister said.

The agreement was signed following the Premier Abiy’s meeting with State Grid Corporation of China.

Prime Minster Abiy has witnessed the signing of the agreement in Beijing, on Wednesday.

It was indicated that the project will supply power for up to 16 industrial parks; the Addis Ababa to Djibouti  2nd  railway line and for different cities in the country.

The agreement will also facilitate not only uninterrupted power supply but also enable the creation of jobs.

In another development, Prime Minister Abiy has met with the leadership of the China Railway Construction Corporation (CRCC) in Beijing.

The Chinese built Addis Ababa-Djibouti Railway, with a total railway freight capacity of 24.9 million tons annually, is a standard gauge international railway was inaugurated in 2018.

CRCC’s current largest engagement includes connecting Ethiopia and Djibouti through the railway project.

The company has expressed interest to investing in agro-industry parks development, oil and gas development and the ‘Beautifying Sheger River’ project.

Prime Minister Abiy Ahmed is in China Beijing to attend of the Belt and Road Forum.