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China, Ethiopia Sign Loan Agreement
2011-12-07
Brief:China and Ethiopia signed two agreements in Addis Ababa and they enjoy very good relations in trade and investment.
China and Ethiopia on Monday signed two agreements at the Ethiopian Ministry of Finance and Economic Development (MoFED) in Addis Ababa, Ethiopia.

Sufian Ahmed, Minister of MoFED, and Zhu Hongjie, Vice President of China Exim Bank have signed the first agreement that enables China to provide about 100 million U.S. dollars to Ethiopia for water projects in Addis Ababa.

Bekalu Zeleke, President of the Commercial Bank of Ethiopia (CBE), and Zhu Hongjie have signed the second agreement (Memorandum of Understanding) with which the Exim Bank agreed to provide a master loan facility of 300 million U.S. dollars.

According to MoFED, the loan will be used for the implementation of various projects planned under Ethiopia's five- year Growth and Transformation Plan (GTP).

Speaking at the signing ceremony, Sufian said China and Ethiopia are enjoying very good relations, especially in trade and investment.He stated that the China Exim Bank has been providing resources to Ethiopia through different facilities, which Ethiopia is using very efficiently on development projects.

The Minister commended China for its continuous support to Ethiopia's development endeavors.He expressed Ethiopia's keen interest to further enhance economic cooperation with China in general and closely work with the China Exim Bank in particular.

Zhu said the Bank has signed various agreements with Ethiopia with a total amount of 11.4 billion RMB (about 1.81 billion U.S. dollars). "Ethiopia has registered rapid economic growth over the last few years and we are satisfied with the cooperation with the country," Zhu said.

Xinhua News
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