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ETHIOPIA SIGNS BILLION DOLLAR ENERGY INVESTMENT
Ethiopia’s indebtedness to China grows following energy investment
Following a meeting with State Grid Corporation of China, PM Abiy Ahmed oversaw the signing of a US$1.8 billion investment agreement which covers provision of electric power transmission and distribution lines. 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. This agreement will facilitate not only uninterrupted power supply but also enable the creation of jobs.
Following a meeting with State Grid Corporation of China, PM Abiy Ahmed oversaw the signing of a $1.8 billion investment agreement which covers provision of electric power transmission and distribution lines. 1/2 pic.twitter.com/m6Kmp10dtW
— Office of the Prime Minister – Ethiopia (@PMEthiopia) April 24, 2019
These investments add to Ethiopia’s indebtedness to China. During the recent Second Belts and Road Forum, PM Abiy and H.E. President Xi Jinping agreed to restructure some existing debt, including the US$4 billion Addis Ababa – Djibouti railway. In essence, moving the maturity period for the railway loan from 10 years to 30 years. The railway project is an early harvest of the first Belt and Road Initiative that Ethiopia is part of.