Egypt, Ethiopia agree to set up joint fund for infrastructure projects

Egypt and Ethiopia have agreed to take steps to put into effect an agreement – which also includes Sudan – to set up a fund for investing in infrastructure in the three countries.

President Abdel Fattah El Sisi and Ahmed agreed to facilitate investment measures in both sides to support businessmen from both countries.

They also agreed to establish an Egyptian industrial zone in Ethiopia while Egypt will encourage importing Ethiopian livestock, besides increasing cooperation in other fields, such as fisheries.

“We aim to present a successful model of economic integration between African nations,” Sisi added.

The leaders of Ethiopia and Egypt vowed on Sunday to iron out their differences over a dam Addis Ababa is building on the Nile River that Cairo fears threatens its water supplies.

Talks over the Grand Renaissance Dam, Ethiopia’s $4 billion hydroelectric project, have been deadlocked for months. But at a press conferee in Cairo, Ethiopian Prime Minister Abiy Ahmed and Egyptian President Abdel Fattah al-Sisi signaled they had made a breakthrough.