Ethiopia agrees minerals, energy deals worth $1.7bn, chiefly with Chinese firms
Ethiopia has signed investment deals for its minerals and energy sectors worth more than $1.7-billion, mostly with Chinese firms, its finance ministry said.
The East African nation, which struck a four-year, $3.4-billion program deal with the International Monetary Fund last July, is in the midst of a far-reaching reform drive, including the flotation of its birr currency and a push to complete an $8.4-billion debt restructuring with its official creditors.
The Finance Ministry said in a statement late on Tuesday that companies attending a two-day investment conference in Addis Ababa had signed agreements to bring more than $1.7-billion into the country.
The deals signed include a planned $500-million investment by Hua Ye Mining Processing Company in minerals exploration and processing, and the development of a special economic zone focused on minerals, the ministry said.
Another $600 million will come from Sequoia Mining & Processing to develop coal mining projects, while another $360-million will come from Hainan Drinda New Energy Technology to build a solar cell manufacturing plant.
Another $250 million will come from CSI Solar, also for solar energy development, the ministry said.
The ministry did not give a timeframe for when the money was expected to come to Ethiopia.
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