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USD 300 million Industrial park to be constructed in Ethiopia

Posted on : Thursday , 5th September 2019

Ethiopia is going to partner with China for the construction of USD 300 million industrial park in Addis Ababa, Ethiopia. Economic and commercial counselor at the Chinese embassy in Ethiopia, Liu Yu announced the report and said that the industrial park is going to focus on engaging equipment manufacturing companies. He also states that land acquisition and financial work has already been in progress.

The industrial park is going to construct in the key commercial hub of central Ethiopia, Adama city, which is 99 km from away from Addis Ababa. 85% of the funding will be done via Chinese government concession loan, while the remaining 15% will be provided by the Ethiopia government.

This industrial park is an integrated part of Ethiopia’s grand vision of transforming agricultural economy to the industrialized economy by 2025. Park will cover around 100 hectares of land to provide job opportunities to 25,000 Ethiopians. The construction is going to commence before the end of 2019.

The project is going to be the second project of making an industrial park with the Chinese government. The first project was built by China Civil Engineering Corporation (CCECC) at an expense of USD 146 million, inaugurated by Abiy Ahmed, Prime Minister of Ethiopia in October 2018.

Concluding the report, Liu Yu said that Government of China and Ethiopia are putting a lot of cooperation and efforts in the industrial park which has already achieved a fruitful result, but these parks will contribute more if needed capital available to the investors.

Source : Bizmart




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