ETHIOPIA has secured investment deals worth more than $1.7bn for its minerals and energy sectors, predominantly with Chinese firms, said Reuters citing the country’s finance ministry announced yesterday.
The agreements were finalised during a two-day investment conference in Addis Ababa as the East African nation continues its ambitious economic reform programme.
Among the major deals is a $500m investment from Hua Ye Mining Processing Company for minerals exploration and processing, alongside the development of a specialised economic zone focused on minerals, said the newswire.
Sequoia Mining & Processing Plc has committed $600m to develop coal mining projects, whilst Hainan Drinda New Energy Technology will invest $360m to construct a solar cell manufacturing plant. An additional $250m will come from CSI Solar for solar energy development initiatives.
The ministry did not specify when the funds would arrive in Ethiopia.
These investments come at a crucial time for Ethiopia, which embarked on a comprehensive reform drive after securing a four-year, $3.4bn programme with the International Monetary Fund last July, said Reuters.
The reforms include the flotation of its currency, the birr, and efforts to complete an $8.4bn debt restructuring agreement with official creditors.
