Ethiopia signs mineral and energy deals valued at $1.7 billion with Chinese companies

Ethiopia's Finance Ministry said that it has signed deals worth over $1.7 billion with Chinese companies, mainly in the minerals and energy sector.

The East African nation is undergoing a massive reform program, including the flotation and restructuring of its debt of $8.4 billion with its official creditors.

In a late-night statement, the Finance Ministry announced that two-day Addis Ababa investment conference participants had signed agreements worth more than $1.7 million to invest in the country.

The ministry announced that the deals include Hua Ye Mining Processing Company's planned investment of $500 million in mineral exploration and processing and the creation of a special economy zone focused on minerals.

Hainan Drinda New Energy Technology will contribute $360 million to the construction of a solar cell plant. Sequoia Mining & Processing Plc will also provide $600 million to help develop coal mining projects.

The ministry announced that CSI Solar will also contribute $250 million to the solar energy development.

The ministry didn't give an estimated date of when the money would arrive in Ethiopia. (Reporting and writing by Dawit Endeshaw, George Obulutsa, Editing by Jan Harvey).

(source: Reuters)