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26 September, 2007
ADDIS ABABA — China has loaned Ethiopia more than $200m to boost cement production and hydroelectric power generation.
The $208m 148m) million euros) loan agreement was signed on Monday by the president of China’s Export/Import Bank, Li Ruogu, who is on a visit to Addis Ababa, the state-run Ethiopian News Agency reported.
“The loan will be used to finance the expansion of Mugher Cement Enterprise and the construction of multipurpose projects that include hydroelectric power generation and irrigation,” the agency said.
Ethiopian Finance Minister Sufian Ahmed said the trade volume between the two countries had reached more than $500m since the China-Africa Co-operation Forum was hosted in 2000.
Official figures report a 60% increase in bilateral trade since last year despite a rebel attack on a Chinese oil venture in Ethiopia’s restive Ogaden region that killed 77 people, including nine Chinese, last April.
China is often accused of pursuing economic policies in Africa to feed its energy-hungry industry at the expense of human rights and political considerations. Sapa-AFP