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TimesLIVE
14-05-2025
- Business
- TimesLIVE
Ethiopia signs minerals, energy deals worth $1.7bn, chiefly with Chinese firms
Ethiopia has signed investment deals for its minerals and energy sectors worth more than $1.7bn (R30.97bn), mostly with Chinese firms, its finance ministry says. The East African nation, which struck a four-year, $3.4bn (R61.94bn) programme deal with the International Monetary Fund (IMF) last July, is in the midst of a far-reaching reform drive, including the flotation of its birr currency and a push to complete an $8.4bn (R153.04bn) debt restructuring with its official creditors. The finance ministry said in a statement late on Tuesday that companies attending a two-day investment conference in Addis Ababa had signed agreements to bring more than $1.7bn into the country. The ministry said the deals signed include: a planned $500m (R9.11bn) investment by Hua Ye Mining Processing Company in minerals exploration and processing, and the development of a special economic zone focused on minerals; $600m (R10.93bn) from Sequoia Mining & Processing Plc to develop coal mining projects; $360m (R6.56bn) from Hainan Drinda New Energy Technology to build a solar cell manufacturing plant; and $250m (R4.55bn) from CSI Solar, also for solar energy development. The ministry did not give a timeframe for when the money was expected to come to Ethiopia.
Express Tribune
14-05-2025
- Business
- Express Tribune
Ethiopia secures $1.7 billion in energy and mineral deals with Chinese investors
Listen to article Ethiopia has secured over $1.7 billion in new investment commitments for its minerals and energy sectors, mostly from Chinese companies, the country's finance ministry said late Tuesday. The agreements were signed during a two-day investment conference in Addis Ababa aimed at attracting foreign capital to support the country's economic reforms. The deals include a $500 million investment from Hua Ye Mining Processing Company to explore and process minerals and develop a special economic zone focused on the sector. Another $600 million will come from Sequoia Mining & Processing Plc to advance coal mining projects. Chinese clean energy firms are also backing the effort. Hainan Drinda New Energy Technology pledged $360 million to build a solar cell manufacturing plant, while CSI Solar committed an additional $250 million for solar energy development. The ministry did not provide a timeline for the disbursement of the funds. Ethiopia, one of Africa's most populous nations, is undergoing major economic reform, including a planned flotation of its currency, the birr, and an $8.4 billion debt restructuring effort with official creditors. The country also signed a $3.4 billion, four-year programme with the International Monetary Fund in July 2023, aimed at supporting macroeconomic stability and unlocking new external financing. The finance ministry said the agreements reflect growing investor confidence in Ethiopia's economic transformation agenda.
