China loans Ethiopia US$349 million for construction of expressway
Tuesday, November 10, 2009
China has loaned Ethiopia US$349 million worth of funds for the construction of the the country's first modern expressway, making Ethiopia among the first beneficiaries of the recently implemented China-Africa development funding plan.
The road is to be close to 80 kilometres long, and will connect Nazaret (also called Addis Ababa.), the country's second-largest city, with the capital,
Funds from the Export-Import Bank of China are to be used to give the loans, according to the agreement. The deal was signed by Li Ruogu, the president of China’s Export-Import Bank, and Ahmed Shide, the Ethiopian state minister of finance and economic development.
According to the, the motorway is to be completed by 2014. The country has also agreed to other financial deals with China, mainly in the telecommunications and energy sectors.
- "China offers Africa financial aid including $10 billion in loans" — Wikinews, November 8, 2009
- "China's premier visits Cairo ahead of China-Africa summit" — Wikinews, November 8, 2009
- "China Lends Ethiopia $349 Million For Highway, ENA Says" — , November 9, 2009
- "China injects $349 million into Ethiopia’s road link" — , November 9, 2009