Ethiopia has shown progress in its import substitution strategy, producing goods worth USD 2.7 billion in the first eight months of the current fiscal year, according to the Ministry of Industry.
Ethiopia has entered into loan agreements adding up to more than 1 billion US dollars in the last few months according to Hailemariam Desalegn Foreign Minister and Deputy Prime Minister of Ethiopia.
The loan agreements Ethiopia signed include arrangements with China for 612 million US dollars, with the United States for 52 million US dollars, with Saudi Arabia for 25 million US dollars, with the World Bank for 210 million US dollars and 1.4 million US dollars from the Czech Republic.
The Ethiopian government is planning to upgrade the Ethio-Djibouti Railway, aiming to improve transport efficiency, strengthen trade logistics, and manage the significant infrastructure debt accumulated during its construction.
The Arab Bank for Economic Development in Africa have signed on Wednesday 13th of July 2016 at its headquarters in Khartoum, a Loan Agreement with the Federal Democratic Republic of Ethiopia, so as to contribute to the financing of Hamusit – Estie Road Upgrading Project.
Ethiopia agreed with Somaliland to use Berbera Port. The agreement was made following the congestion at the Djibouti Port.
According to Sharmarke Jama, economy and trade adviser for the foreign ministry of Somaliland, tariffs have been revised and a committee has also been established to manage joint operations as part of the agreement.
The committee is vested with smooth implementation of the bilateral agreement and improving facilitation of transit trade across the corridor, Jama added.
