2merkato

The Ethiopian Ministry of Water and Energy signed agreements with Chinese and British companies for the implementation of a solar energy project. The contract with Chinese Poly technologies is worth 208 million birr while the contract signed with Yoseph and Elizabeth International Trading plc is worth 10 million birr.

The agreement was signed by Alemayehu Tegenu, State Minister for Water and Energy, Xie Xiaoyan, Chinese Ambassador to Ethiopia, Cheng Zerong, Vice President of Poly Technologies and Yoseph Getachew, Managing Director Of YEIT plc.

The contract allows for 25,000 solar home systems with different capacities ranging from 8 watts to 130 watts to facilitate rural electrification to power domestic uses said Alemayehu speaking on the occasion.

 Ministry of Finance and Economic Development of Ethiopia (MOFED) signs a credit facility agreement worth 50 million Euros (approximately 1.07 billion Birr) with French Development Agency on Thursday, April 16, 2015 at its office.

Ethiopia and Russia signed an agreement for cooperation on a program for Ethiopia to construct a nuclear power station within the coming ten years.

Ethiopian Electric Power (EEP), Ethiopia’s state-owned utility firm, signed an agreement with two Chinese firms and one Kenyan firm for the 70 MW geothermal energy drilling project.

Ethiopia signed Double Taxation Agreements with four countries; China, India, Egypt and Sudan.

The agreements were presented to the House of Peoples’ Representatives for approval with the agreements expected to become active once they are ratified by the House.

The agreements will protect investors from double taxes on the same declared income thus enabling business from China, India Egypt and Sudan to pay income tax only once according to the Ministry of Finance and Economic Development.