Ethiopia signs $13.1 billion of energy, mining investment deals
Addis Ababa, Ethiopia. Stock image.
Ethiopia has signed $13.1 billion of investment deals spanning renewable energy, manufacturing, real estate, mining and green ammonia, according to the government.
Representatives of the investing companies — from China, Poland, India, Singapore and Kenya — converged in the capital, Addis Ababa, to ink accords at the Invest in Ethiopia conference.
“These are a great success, but they are only a starting point,” said Zeleke Temesgen, head of the Ethiopian Investment Commission. “The real success will be how quickly these investment commitments translate into operational promise on the ground.”
Deals signed:
- Ming Yang Smart Energy Group Ltd., a Chinese renewable energy company, intends to invest $10 billion into green ammonia production and the manufacture of electrical equipment.
- Global Future Investment Ltd. is exploring manufacturing opportunities in a special economic zone for a total $2 billion.
- Liaoning Fangda Group Industrial Co. will invest $500 million in steel and pharmaceutical manufacturing.
- Rashmi Group has earmarked $235 million for establishing a mining operation in the country.
- Gobez Electric Manufacturing Plc plans to expand its solar-cell production capacity by injecting $150 million.
- Sun King will invest $150 million by 2030 in solar equipment manufacturing.
- Quantum Everest, a Polish company, will engage in real estate for a total $100 million.
(By Fasika Tadesse)
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