China Unveils $3bn Loan for Ethiopia Rail Project

06 March 2014 Thursday, 21:58

Chinese Prime Minister Li Keqiang, currently visiting Addis Ababa, announced on Tuesday a $3 billion loan for the construction of a new railway line connecting the Ethiopian capital and Djibouti.

The announcement was made at a meeting between Li and Ethiopian President Mulatu Teshome. “China will further strengthen its ongoing financial and technical support for the success of development activities in Ethiopia,” Li declared.

“It will also provide an additional 300 million yuan [roughly $15 million] to support Ethiopia’s development endeavors,” he added. “A total of 150 million yuan of the stated sum will be in grants while the balance is provided in the form of non-interest loans.”

China will also extend financial support for a number of Ethiopian infrastructure projects in line with previous understandings, Li explained. Teshome, for his part, lauded Chinese financial and technical support for Ethiopia, saying they were vital to the success of the country’s development ambitions.

“China [has] provided financial and technical support for the construction of roads, railway projects and dams in Ethiopia,” Teshome said.

He went on to stress that relations between Ethiopia and China had grown to the level of a strategic partnership, predicting that existent bilateral ties would be even further enhanced in the future.

Source: AA

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