World Bank agrees to USD 1.3 billion finance
The World Bank has signed a loan and grant agreement with Ethiopia at a value of USD 1.3 billion. The loan of USD 700 million will primarily be used to improve the education, health and agriculture sectors whilst the reaming USD 600 million grant will be used to finance the country's 'Rural Productive Safety Net' scheme (RPSN). The RPSN scheme provides relief, in exchange for participation in public development projects, for approximately 8 million Ethiopians who are affected by drought.
Enel wins 100 MW solar tender
Enel Green Power (a subsidiary of Italian Enel) and the Orchard Business Group have won a 100MW tender for a photovoltaic facility to be built in the Oromia region of Ethiopia. Enel and Orchard are expected to invest approximately USD 120 million in the project and will develop and operate the facility once construction is completed. The facility is expected to be operational by 2019 and will generate approximately 280GWh per annum.
Ethiopia to inaugurate industrial parks
The Adama and Dire Dawa industrial parks are expected to be inaugurated at the end of this month and will specialise in textiles, apparel and agro-processing. Work on the parks commenced in 2016 with the Ethiopian Government having invested approximately USD 315 million in the project. Both parks are located close to the Port of Djibouti and are therefore expected to facilitate the country's foreign trade.