Ethiopia & China sign investment agreement worth $1.8bn

by Textile Quotient News Desk
27 Apr 2019

Ethiopia and China have recently signed a $1.8 billion investment agreement which covers provision of electric power transmission and distribution lines. According to the Prime Minister Abiy Ahmed, the project will supply power for up to 16 industrial parks which a majorly housing textile and garmenting units. This agreement will facilitate uninterrupted power supply to the units along with the creation of jobs.

Prime Minister Abiy has also met with the China Export and Credit Insurance Corporation (Sinosure). During their meeting, Sinosure guaranteed their full cooperation with Ethiopia, particularly in enabling the materialization of the investment in energy by the State Grid Corporation of China.

To strengthen the internal movement of goods, the Prime Minister also met the leadership of the China Railway Construction Corporation (CRCC) in Beijing, a company behind some of the largest construction projects in Ethiopia, including the Ethiopia – Djibouti railway project.

China Ethiopia Garments News

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