China provides $260mln for construction of Adama industrial park

Addis Ababa, May 19, 2017 (FBC) - China has extended 260 million US dollars loan for the industrial park to be built in Adama town, Oromia regional state, in cooperation with the Province of Hunan.

Exim Bank of China offered the loan as per the Memorandum of Understanding signed between the leaders of the two countries.

Prime Minister Hailemariam Desalegn, who witnessed the signing of the agreement today in Changsha, the capital Hunan, said the industrial park which will manufacture heavy machinery and power equipment, is unique to the country.

While addressing the Ethiopia-Hunan Investment Cooperation Conference prior to the signing of the agreement, Hailemariam said the park with unique features will enable the country to attract more FDI.

“The participation of Chinese companies in infrastructure development, energy generation and transmission, manufacturing industries, development and management of industrial parks and transfer of technology is remarkable”, he added.

The Premier noted that Ethiopia can learn a lot from Hunan in modernizing agriculture, industrialization, and development and management of industrial parks.

With its easy access and convenient modern transportation system, Hunan Province is set up to build international channels under the Belt and Road Initiative. Under the initiative, it will open 9 parks and 11 offices overseas, it was learned.

Hunan Province has plans to promote the relocation of its equipment manufacturing capacity, such as capacity of engineering and machinery industry, iron and steel industry and the exploitation of energy resources, through outbound investment and overseas project contracting.

The province has been encouraging its entrepreneurs to invest in Ethiopia. By the end of 2016, Hunan-based companies had invested 180 million US dollars in Ethiopia.

Since its arrival in China on May 15, 2017, the high-level Ethiopian delegation led by Prime Minister Hailemariam Desalegn visited 3 provinces, including Hunan.

During his stay here, the Premier had bilateral discussions with leaders of well-known Hunan-based companies, according to ENA.

Posted by Amare Asrat