Ethiopia signs Sh219.3 billion investment deals in minerals and energy
In a statement issued on Tuesday night, the ministry said the agreements were signed during a two-day investment conference held in Addis Ababa.
Ethiopia has secured investment deals worth over Sh219.3 billion ($1.7 billion) for its minerals and energy sectors, with the majority of the funding coming from Chinese companies, the country’s Finance Ministry has announced.
In a statement issued on Tuesday night, the ministry said the agreements were signed during a two-day investment conference held in Addis Ababa.
The deals form part of Ethiopia’s ongoing economic reform programme and efforts to attract foreign investment amid a push to float its birr currency and restructure Sh1.084 trillion ($8.4 billion) in debt with official creditors.
The country is also implementing a four-year, Sh438.6 billion ($3.4 billion) programme supported by the International Monetary Fund.
Among the deals signed is a Sh64.5 billion ($500 million) investment by Hua Ye Mining Processing Company for mineral exploration, processing, and the development of a special economic zone focused on minerals.
Sequoia Mining & Processing Plc committed Sh77.64 billion ($600 million) towards coal mining projects, while Hainan Drinda New Energy Technology will invest Sh46.44 billion ($360 million) to establish a solar cell manufacturing plant.
CSI Solar has pledged Sh32.25 billion ($250 million) for solar energy development.
The ministry did not specify when the funds would be disbursed.
