China grants $26 mln for Ethiopia’s development
Dec 18, 2006 (ADDIS ABABA) — The Chinese government has agreed to grant Ethiopia a sum of 26 million dollars in support of developments project in the country.
A grant agreement amounting to 23 million Birr (26 million 141 thousands US dollar) was signed here on Monday between the governments of Ethiopia and China for the implementation of development projects to be agreed upon through consultations by the two governments.
The Ethiopian Prime Minister Meles Zenawi praised the Chinese development to Ethiopia, saying say that China’s support for development was not mere promise and rhetoric, but proved through tangible support to Ethiopia’s development endeavours and mentioned some of the development projects china had hand in.
For his part, the Chinese trade vice-minister, Wang Chao expressed his pleasure over development activities in Ethiopia. He also said China would continue to support development activities in Ethiopia , adding that the support given to Ethiopia in the roads, telecommunications, cement and mining sectors shall be further strengthened.
He further said that next year alone, China would invest about 1.5 billion US dollar in the telecommunication sector while some 500m US dollars would be invested in the expansion of the cement industry and more money would be invested in the mining and roads sectors to support Ethiopia’s development activities
He said the trade volume between Ethiopia and China has shown double increase in recent years and reached 370 million US dollars last year.
Ethiopian Minister of Finance and Economic Development, Sufian Ahmed said the grant agreement was one of the various assistances from the people and government of China for development activities in Ethiopia.
Sufian noted that bilateral trade and investment relation between the two countries has been steadily increasing.
The trade volume between China and Ethiopia is steadily increasing as it also reached 420 million US dollars in October 2006.
(ST)