Urban Development, Construction and Industry Bureau of Tigray State disclosed it has issued license for a total of 584 investment projects during the first half of the current fiscal year. The projects are said to have 7.8 Billion Birr of capital.

Goitom Gebrekidan, Bureau Investment Business Process Head, explained there are both local as well foreign among the investors that secured licenses. He furthered the investors aim to engage in agriculture as well as social service sectors.

Out of the total projects 136 of them have a combined capital of 5.4 Billion Birr and they intend to engage in manufacturing sector. He explained this will enhance the State’s goal of having an industrial led economy.

In the last fiscal year the State of Tigray issued a total of 700 projects that have an accrued capital of 7.8 Billion Birr, Goitom explained. The capital inflow to the State has shown a significant boost, he furthered. He attributed this to the favorable investment policy, durable peace, better service delivery, young work force and proximity to Port Djibouti.

It is expected that the projects will create a total of 36,615 job opportunities in a period of one year to three years, Goitom explained.

The target Tigray set for the current fiscal year is issuing license for 1,500 projects with a combined capital of 16 Billion Birr.

Source: Walta Information Center