Ethiopia signed a trade and economic cooperation agreement with China on Wednesday. The agreement was signed at the Ministry of Finance and Economic Development.

China will grant a 100 million US dollar loan and provide 65 automobiles and 25 buses to Ethiopia as part of the agreement.

The loan is expected to finance the Addis Ababa deep well water supply projects and the vehicles will be used as transportation for state guests said the MoFED.

The agreement is a sign of the positive relations between Ethiopia and China according to Sufian Ahmed, Ethiopian Minister of Finance and Economic Development who signed the agreement on behalf of the Ethiopian government.

Co-operation between Ethiopia and China has significantly increased according to Sufian. Relations in the areas of investment, infrastructural development and trade have particularly grown stronger in the past few years he said.

Ethiopia is committed to further strengthen relations with China because it is an important element in national development explained Sufian.

The cooperation between the two countries will continue said Jiang Yaoping Chinese Vice Minister of Commerce who signed the agreement for the Chinese government. Chinese companies are contributing to the development of the country in a range of sectors said Yaoping.

Source: People Daily