WAJAALE NEWS
Ethiopia, China Sign $1.8bln Investment Agreement
April 24, 2019 - Written by Reporter:

Addis Ababa (WJN)– Ethiopia and China have signed a 1.8 billion US dollars investment agreement which covers provision of electric power transmission and distribution lines.

The agreement was signed following Prime Minister Dr Abiy Ahmed’s meeting with State Grid Corporation of China, according to Office of the Prime Minister.

PM Dr Abiy also oversaw the signing of the agreement in Beijing, China.

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 office added.

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

In a related development, the Prime Minister met with the leadership of the China Railway Construction Corporation (CRCC) in Beijing, China yesterday.

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

CRCC have expressed interest in investing in agro-industry parks development, oil and gas development and the beautifying Sheger river project.

The Prime Minister also met with the China Export and Credit Insurance Corporation (Sinosure).

They guaranteed their full cooperation, particularly in enabling the materialization of the investment in energy by the State Grid Corporation of China.

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