Chinese banks have expressed interest to further their involvement in infrastructure development and other investment activities in Ethiopia.

Ethiopian Prime Minister Hailemariam Desalegn has held discussion with executives of the Chinese banks in Beijing during his visit to China last week. Export Import Bank of China and Development banks of China have so far provided USD 6 billion and USD 1.6 billion respectively for Ethiopia in grant and loans.

“Ethiopia has been undertaking massive infrastructural development projects that consume lots of finance. Only few countries including China have been financing those projects,” says Sufian Ahmed, Ethiopia's Minister of Finance and Economic Development.

During his discussion with Hilemariam, Li Ruogu, Chairman and President of Export Import Bank of China, pledged to continue its support for Ethiopia.

“EXIM Bank of China is committed to being a genuine development partner of Ethiopia, we will support your endeavor to become competitive on the global market through infrastructural development,” Ruogu said.

The Export Import Bank of China is currently financing a multi-billion dollar railway project connecting Addis Ababa and Djibouti, while the Development Bank of China is supporting the erection of sugar factories.

Source: Walta