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  • China to Provide 700 Million USD Loan to Ethiopia

    Addis Ababa July 23/2015 China has pledged 700-million-USD loan to Ethiopia for its infrastructure and industrial development.

    Prime Minister Hailemariam Desalegn held talks today with a delegation led by Jiang Jianqing, Chairman of the Board of Directors and Executive Director of Industry and Commercial Bank of China (ICBC).

    The pledge was made during the occasion.

    China had earlier decided to extend 550 million USD loan for Omo Kuraz Sugar Project, it was learned.

    During the discussion, Hailemariam said Ethiopia needs governmental and non-governmental financial institutions that help it sustain its rapid growth.

    In this respect, the willingness of the Industry and Commercial Bank of China to work with Ethiopia coincides with the interest of the country, he stated.  

    The PM indicated that the request of Chinese financial companies to jointly work with Ethiopia is of mutual benefit to the countries and the partnership would be consolidated in this regard.

    Jiang Jianqing said on his part that the bank is ready to further collaborate with Ethiopia in industry and infrastructure development sectors in the future. - See more at: http://www.ena.gov.et/en/index.php/economy/item/1159-china-to-provide-700-million-usd-loan-to-ethiopia#sthash.ZvsguKM4.dpuf


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  • Kenya: No Changes to Obama Schedule in Kenya After Leak - White House

    Washington, United States — US President Barack Obama does not need to reshuffle his visit to east Africa after a posting of some details of the trip were made public in Kenya, a White House spokesman said.

    Responding to a question about Kenya's Civil Aviation Authority issuing details of the president's arrival time to the country that became public, spokesman Josh Earnest said there is not enough cause for concern to change Obama's schedule.

    "The details of the president's schedule that are critical to keeping safe are details that have not been disclosed publicly at this point," he told reporters.

    "We do not believe at this point that a scheduling change or any change to the president's itinerary is necessary."

    Earnest pointed out that traveling to Kenya was not like going to war zones such as Iraq or Afghanistan, where all schedule details are kept tightly under wraps.

    "Extensive amounts of information about the president's schedule have already been distributed," he said.

    Obama makes the first presidential visit to Ethiopia and his first to Kenya while president.


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  • EY Says Ethiopia Will be Africa’s 3rd Largest Economy by 2017


    Ethiopia is projected to be the third largest economy in the Sub-Saharan Africa by 2017, says Ernst and Young’s (EY) study titled “Investing in Ethiopia”.

    The study states the prominent ten reasons for investing in Ethiopia and it was presented by EY Ethiopia Managing Partner Zemedneh Negatu.

    “In 2014, the star performer in Africa in terms of FDI was Ethiopia … Ethiopia accounted for one in five FDI jobs in Africa - this is the kind of FDI we need in Africa,” Zemedeneh noted.

    The ten prominent reasons to invest in Ethiopia are growing economy, demographic and geographical advantages, rapid urbanization, and opportunities in the manufacturing, infrastructure, extraction, agriculture and tourism sectors.

    According to the report, “Ethiopia will very likely achieve its Middle Income target by the year 2025 (if not sooner) and become one of the more significant and consequential economies in Africa and a new investment destination for global investors.”

    The EY report was presented at Sheraton Addis Hotel. High-level government officials, including Ethiopia’s Prime Minister Hailemariam Desalegn and business executives attended the presentation.

    Source: Capital


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  • Bishop defends African aid cuts that will end Ethiopian donkey library

    Foreign Minister Julie Bishop has defended the level of aid to Africa’s poorest countries amid revelations an Ethiopian donkey library is at risk of closing next year.

    The federal government has slashed the aid to Africa by 70 per cent as part of a $1 billion cut this financial year and an overall reduction of $11.3 billion.

    The mobile library on the outskirts of Addis Ababa is part of an Australia-funded Plan International child development project helping 1572 children.

    The six-year project looks likely to end three years early, despite hopes it would be scaled up to reach more than 4000 children in the next two years.

    But Ms Bishop says it is better to focus aid efforts on the immediate neighbourhood, particularly the Pacific.

    “For historical and geographical reasons, Europe and the United States are the leading donors to Africa,” she said in a statement to AAP.

    Source: www.sbs.com.au


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