Ethiopia signs $1.7b energy, mining deals with Chinese firms

Ethiopia secured investment agreements worth more than $1.7 billion for its minerals and energy sectors, largely with Chinese companies, Reuters reported, citing the finance ministry.

The deals signed during a two-day investment conference in Addis Ababa include a $500 million agreement with Hua Ye Mining Processing Company for mineral exploration and processing, along with plans for a dedicated special economic zone.

Sequoia Mining & Processing Plc committed $600 million for coal mining projects, while Hainan Drinda New Energy Technology pledged $360 million to build a solar cell manufacturing plant. CSI Solar will invest a further $250 million in solar energy development.

Reuters said the ministry did not specify a timeline for the investments. The deals come as Ethiopia advances economic reforms and works to finalise an $8.4 billion debt restructuring and a $3.4 billion programme with the International Monetary Fund.

Attribution: Reuters
Subediting: M. S. Salama