UAE Signs a 3 Billion Dollar Agreement with Ethiopia

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The United Arab Emirates agreed to give Ethiopia a total of USD 3 billion in aid and investments.

The UAE agreed to alleviate the shortage of foreign currency by depositing USD 1 billion in the National Bank of Ethiopia. As per the agreement, the remaining 2 billion dollars will be allocated for different investment programs such as industrial parks, manufacturing, hospitals, hotels, and malls.

Ethiopia’s Prime Minister Abiy Ahmed and the visiting Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohammed bin Zayed Al Nahyan witnessed the signing ceremony which was held on Friday. The Premier and the Crown Prince also discussed different issues including business and economy.

UAE has various investors in Ethiopia who are engaged in different investment sectors. Ethiopia also wants to invite more investors from UAE who will engage in agricultural and tourism sectors.

Source: Fana BC and Reuters

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