China Extends 100 million Yuan for Railway Academy in Ethiopia

Dr. Abreham Tekeste Minister of Finance and Economic Cooperation and his Chinese counterpart Qian Kemiang have signed finance agreement amounting to 100 million Yuan with the presence of Prime Minister Hailemariam Dessalegn and Chinese Vice President Li Yuanchao.

The academy will be constructed close to Ethio-Djibouti railway line that connects Addis Ababa with the Port City of Djibouti. The construction of the academy has been designed to upgrade the Railway Institute which was established five years ago.

The construction of the academy will help to resolve the demand for skilled manpower in the railway transport sector and also engage in generating foreign currency by training Africans in the field.

Prior to the signing ceremony Prime Minister Hailemariam and Vice President Li Yuanchao have held discussion on ways of further strengthening the bilateral ties between the two countries.

According to Birhane Gebrekirstos, Special Envoy of the Prime Minister, who attended the meeting, Hailemariam and the Vice President have discussed on various spheres including infrastructural development, trade and investment among others.

The premier acknowledged the contribution of Chinese government and investors to the rapid economic growth of Ethiopia and the ever growing bilateral ties between the two countries.

Chinese Vice President, Li Yuanchao on his part said the bilateral relations between Ethiopia and China is in progress according to their agreement and expressed his delight on the ongoing cooperation between the two nations.

The Chinese government will provide support towards the construction of industrial parks, science and technology, modern agriculture and infrastructural development, he added.

Li Yuanchao who arrived in Addis Ababa yesterday for a two-day official visit is expected to visit the activities of Chinese investors in the country and Chinese supported development projects.

The two countries diplomatic relation was established in 1970 and they have signed various bilateral and international agreements. Some 250 Chinese investors are currently engaged in textile, automotive engineering, food, communication and other investment sectors.

The trade balance between two countries has reached to three billion USD, it was learned.