ADDIS ABABA – Prime Minister Abiy Ahmed announced that Ethiopia has secured 13 billion USD from investment loan, and aid since he took office. Marking the one year anniversary of his inaugurations as Prime Minister of Ethiopia held at the millennium hall on Tuesday, the premier announced that Ethiopia has been able to secure 13 billion USD from investment loan, aid remittance and service over the last seven months.
“Ethiopia has never been able to achieve such feat in its history.” Indicating that he has received the country with an empty treasury, within a short period, his government has been able to fund eight billion USD to the private sector in order to resolve the huge hindrance the sector used to face in relation to import and export business.
It was stated that the World Bank has provided 1.2 billion USD in direct budgetary support 13 years after lending was suspended following the disputed 2005 elections. In February, the Prime Minister spoke at the annual meeting of the World Economic Forum in Davos extolling his historic reforms and making a pitch to potential investors.
The United Arab Emirates has also pledged a total of 3 billion USD in aid and investments to Ethiopia, last year. Reports indicated that Abiy laid out plans to partially privatize key state-owned enterprises, including the Ethiopian Airlines, Ethiopian Electric Power Corporation, and the sole telecom provider, EthioTelecom.
A range of mid-sized state enterprises, such as sugar plantations and industrial parks, was also slated to be fully privatized. His office is reviewing the ease of doing business index to improve Ethiopia’s investment climate by streamlining regulation, making it easier to start a business and boosting access to finance.
Ethiopia is now open for business and visitors. Travelers from all African nations are granted visa on arrival. In March, lawmakers ratified the African Continental Free Trade Agreement.
The Ethiopian Herald, April 4/2019
BY LAKACHEW ATINAFU
Photo:- Tsehay Negussie
