Ethiopian officials and Chinese Exim Bank signed two loan agreements for the provision of Birr 6.9 Billion (or 400 million US Dollars) on Monday. Vice President of China Exim Bank Zhu Hongjie had also a meeting with the Ethiopian Premier Meles Zenawi, on the same day.
It appears Ethiopia’s total borrowing from the Exim Bank reached about Birr 31 Bln (or 1.81 Bln U.S. dollars).
Yesterday’s loan agreements were reported by the Chinese Xinhua and Ethiopian News Agency(ENA) as follows:
China, Ethiopia sign loan agreements
(Xinhua) — China and Ethiopia on Monday signed two agreements at the Ethiopian Ministry of Finance and Economic Development (MoFED)here 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).
Zhu has been leading a Chinese Delegation to Ethiopia for a two- day working visit here in the country.
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 Bank has assisted many development projects of ours, especially infrastructure development; and the first long road in Ethiopia was financed by your Bank (China EximBank). These projects contribute to the economic development of the country. The agreements we signed today also demonstrate how close your Bank is to assist Ethiopia," said Sufian.
The Minister also 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.
Ethiopia, China sign 6.9 bln Birr loan agreement
(ENA) – Ethiopia and China here on Monday signed a loan agreement amounting to 6.9 billion Birr to be used for upgrading safe water provision in Addis Ababa City and also achieving the Growth and Transformation Plan (GTP).
According to the agreement, 1.7 billion Birr of the stated sum will be utilized to drill water wells in selected areas of the City.
Finance and Economic Development Minister Sufian Ahmed and Vice President of Exim-Bank of China, Zhu Hongjie, signed the agreement.
Similarly, the Commercial Bank of Ethiopia (CBE) and the Exim-Bank of China signed a Memorandum of Understanding under which Exim-Bank agreed to provide loan amounting to 5.2 billion Birr.
The fund will be used for implementation of various projects planned under the GTP.
CBE President, Bekalu Zeleke and Exim-Bank Vice President Zhu Hongjie signed the agreement.
Reporting on the meeting between PM Meles and the Exim Bank VP, Xinhua and ENA wrote:
Chinese bank mulls further financing for Ethiopian development projects
(Xinhua) — Ethiopian Prime Minister Meles Zenawi on Monday met a senior official of the Export-Import (Exim) Bank of China on ways of further enhancing the bank’s financialassistance to development projects in Ethiopia.
During a meeting here with Exim Vice President Zhu Hongjie, Zenawi said he is very grateful for China’s assistance, as he understands that every penny China, also a developing country, lends to Ethiopia is outof generosity of the Chinese people.
Zhu told reporters that he had a fruitful discussion with Zenawi.
Zhu said Ethiopia and China have maintained very good relations for the past years in terms of politics, economics and culture.
Zhu was leading a high-level Chinese delegation for a working visit in Ethiopia. The delegation is expected to meet with senior Ethiopian officials and other pertinent bodies and visit development projectsfinanced by the bank here in the country.
Meles says Chinese banks playing key role in Ethiopia’s dev’t
(ENA) – Prime Minister Meles Zenawi said Chinese banks have been playing key role in the economic development being registered in Ethiopia.
While holding talks with Vice President of Exim-Bank of China, Zhu Hongjie here on Monday, PM Meles said Exim-Bank and other Chinese banks have significantly been contributing towards Ethiopia’s development.
The Premier said the fund Exim-Bank provided to Ethiopia will be used to accomplish the desired goals and also be returned due schedule.
Meles on the occasion lauded the Chinese government and the banks for their contribution towards success of Ethiopia’s development endeavours.
The Premier also said the relation between the two countries is laid on firm foundation and expressed Ethiopian government’s commitment to further work in collaboration with China.
Zhu Hongjie on his part said the bank will further strengthen existing relation with Ethiopia as the country has registered sustainable growth during the last eight years.
The bank has provided 11.4 billion USD loan for implementation of various development projects in Ethiopia, he said.
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