Off the wire
• U.S. stocks rise after Christmas holiday  • Ukrainian army gets over 1,300 units of military equipment in 2016  • Greeks face some 4 bln-euro taxes by Friday as outstanding debts keep growing  • Feature: Children in frontline school in E. Ukraine risk their lives to get education  • 1st LD-Writethru: Water diversion benefits over 11 mln people in Beijing  • Roundup: Somali MPs sworn in after prolonged electoral process  • China willing to hold constructive dialogue with Vatican: official  • Namibia road accidents kill over 60 in one month  • Rains destroy 89 schools in northern Zambia  • China Focus: China to intensify poverty relief  
You are here: 　 Home

Ethiopia parliament approves loan agreements with China for infrastructure projects

Xinhua, December 28, 2016 Adjust font size:

Ethiopia's parliament on Tuesday approved three loan agreements worth over 380 million U.S. dollars made with the Chinese government and the Export-Import Bank of China to finance major infrastructure constructions in Ethiopia.

The three loan agreements already approved will finance two road construction projects in Ethiopia's capital Addis Ababa and upgrade the capital's electric grid system, according to Birhanu Abebe, Vice Chair of the Budget and Finance Affairs Standing Committee of the Ethiopian parliament.

Briefing members of the House of Peoples' Representatives on Tuesday, the lower house, Birhanu said that one of the three projects is a 230-million-U.S. dollar advanced electric grid system installation designed to upgrade and modernize Addis Ababa's electric service provision.

The parliament also ratified two other loan agreements to finance two road construction sites in the capital Addis Ababa, which will cost 102 million and 50 million U.S. dollars, respectively.

"The road construction project will contribute to mitigating Addis Ababa's transport problem," Birhanu said.

Meanwhile, the advanced electric grid system installation will upgrade the old grid system to a new one. By minimizing the rate of power loss and interruption, the new grid system will bring efficient electric service provision in the capital Addis Ababa, he added. Endit