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Ethiopia - CBE signs $208 mil USD loan with Bank of China

09/24/07

Permalink 01:36:21 pm, by nazret.com, 326 words, 2013 views   English (US)
Categories: Business, Ethiopia

Ethiopia - CBE signs $208 mil USD loan with Bank of China

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Ethiopia - CBE signs $208 mil USD loan agreement with Export Import Bank of China

September 24, 2007
Addis Ababa, Ethiopia (ENA) - A loan agreement amounting to 208 million USD was signed here on Monday between the Commercial Bank of Ethiopia (CBE) and the Export Import Bank of China.

President of CBE, Abie Sano and President of China Export Import Bank, Li. Ruogu signed the agreement.

During the agreement signing ceremony it was disclosed that the loan will be used to finance the expansion of Mugher Cement Enterprise and the construction of Fincha-Amerti-Neshe multi-purpose projects that include hydro-power generation and irrigation.

As stipulated in the agreement, the loan will be utilized for the implementation of the delivery, supply and installation of Mugher Cement Enterprise 3rd Cement Expansion Project and Amerti-Neshe multi-purpose project.

The two projects necessitate 276 million USD, out of which China Export Import Bank will finance 208 USD and the remaining 68 million USD will be covered by the Ethiopian government.

Speaking on the occasion, Minister of Finance and Economic Development, Sufian Ahmed said since the inception of Ethio-China relationships, the Chinese government has provided grant assistance, interest free loans and technical assistance to support the country’s development efforts.

The launching of the 2000 China-Africa Cooperation Forum and the role played by the forum was also quite instrumental in revitalizing the relations between China and Africa, he siad.

The trade relation between the two countries is showing a steady growth, as part of the over all increase of China-Africa trade.

He said currently the trade volume between the two countries has reached more than 500 million USD.

Sufian said encouraging progress has also been recorded in the areas of investment.

President of CBE, Abie Sano said the signing of the agreement would help speed up the construction of the projects that would have a vital importance to the country.

President of China Export Import Bank, Li. Ruogu also said that the cooperation between the two countries will be further strengthened in the future.

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msg Comment from: Fed up [Visitor]
Nazret,


Thank you for bringing all these good news, Nazret is becoming part of the solution rather than the problem, keep it up, don't get me wrong though, i'll jump on you when i see it fit.


Good day Gentlemen!
PermalinkPermalink 09/24/07 @ 14:03

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msg Comment from: Sis [Visitor]
Thank you Nazret.com for giving us posetive information. God is good!
PermalinkPermalink 09/24/07 @ 14:46

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msg Comment from: Lencho [Visitor]
It is about time for positive information about Ethiopia we see in these website.

Economic expansion is the solution for our endless ailment. As we can see things are moving and the Economy is Heating up.

Mark my word Ethiopa will be Emerging Tiger of Africa by the turn of these decade.

Just check the World Attention we got in these Millenium. If we notice on ETV latelly the whole Ethiopian youth is galvenaized to work hard, The World is taking notice. It looks like China in 1970s.
PermalinkPermalink 09/24/07 @ 17:43

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msg Comment from: Danziding [Visitor]
Fed Up

You and I had exchanged few lines before. Let me ask you one question (if you choose to answer). Is there any agenda or any situation that put you in disagreement with EPRDF? I am asking you this because there are lots of biased people (in some cases extreme fanatics). I personally don't have any problem with EPRDF. But there are times the leaders mess up, and there are times they do superbly well. And this is true for all world leaders. George Bush, Gordon Brown, Meles Zenawi... People make mistakes and so do governments. So why are we trying so damn hard to justify everything EPRDF does. Can't there be a time when we say "you got it wrong this time". I am not talking about issues such as "dogs to be poisoned". I don't we are at the level to feel sympathy for dogs when our people are not well fed, or in danger of starving.
PermalinkPermalink 09/24/07 @ 19:19

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msg Comment from: fiseha [Visitor]
Could somebody please tell the TRAINED MONKEYS to cut all the stupid formalities and get down to business! Yes, you heard me! I said CUT THE CRAP!! Besides, what is the furore for? Get it in to your thick head that it is a LOAN, not a REVENUE! Why the f*** are you publicizing it for? You should hang your head in shame for getting in to debt, IDIOT!! I bet few years down the line when you are so skint you can not service your debt, the Kung Fu man will come back to take away your wife and kids. There they will man the red light districts of Shanghai and send you few Yuans to console you. They might as well accept their fate because you are delusional, mediocre, and ineffectual. You can neither provide for them nor protect them.
PermalinkPermalink 09/25/07 @ 05:02

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msg Comment from: Sober Analyst [Visitor]
Not the beggar weyanie nor its beggar diaspora supporters will pay back this loan. It will go for Tigray development and when the day comes and the weyane are removed from power peacefuly or otherwise, they will defenately separate from Ethiopia. Then they will tell us to F*** off if we ask about all the loans they took while in power. So this is a debt for the future generation to leave in poverty trying to pay it off. When are we going to say enough is enough, we don't want donation, loan or grant. We need our pride and we will work to be self sufficient etc.
I think the shaebians are more better off than we are today. At least they can say we don't beg and kiss A$$.
PermalinkPermalink 09/25/07 @ 12:21

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msg Comment from: Fed up [Visitor]
Danziding,


Good to hear from you, i see your point to some extent, true no one is perfect, i have never said i blindly suport EPRDF in all affairs, yet i see un waranted accusation by participants of Nazret, rest be sure i'll tell or call it the way i see it, perhaps there are many b/c their hate they can't see the truth the way it is.


Any how progress not perfection is required for growth, you and i may have our diffrences but i am open for fair and open dialoge.


Take care!
PermalinkPermalink 09/25/07 @ 12:56

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msg Comment from: fiseha [Visitor]
Did I hear you say positive news? You wouldn't know positive news if it hits you on your stupid face? What is so positive about debt? For goodness sake, keep your mouth shut because your are giving too much away - that you have no brains.
PermalinkPermalink 09/26/07 @ 06:11

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