ChinaUS EUROPEASIA 中文双语Français
Business\Economy

Ethiopia parliament approves loan agreements with China for infrastructure projects

Xinhua | Updated: 2016-12-28 09:07

ADDIS ABABA - Ethiopia's parliament on Tuesday approved three loan agreements worth over $380 million made with the Chinese government and the Export-Import Bank of China to finance major infrastructure constructions in Ethiopia.

The three loan agreements already approved will finance two road construction projects in Ethiopia's capital Addis Ababa and upgrade the capital's electric grid system, according to Birhanu Abebe, Vice Chair of the Budget and Finance Affairs Standing Committee of the Ethiopian parliament.

Briefing members of the House of Peoples' Representatives on Tuesday, the lower house, Birhanu said that one of the three projects is a $230 million dollar advanced electric grid system installation designed to upgrade and modernize Addis Ababa's electric service provision.

The parliament also ratified two other loan agreements to finance two road construction sites in the capital Addis Ababa, which will cost $102 million and $50 million, respectively.

"The road construction project will contribute to mitigating Addis Ababa's transport problem," Birhanu said.

Meanwhile, the advanced electric grid system installation will upgrade the old grid system to a new one. By minimizing the rate of power loss and interruption, the new grid system will bring efficient electric service provision in the capital Addis Ababa, he added.

 

BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US