Ethiopia agrees minerals, energy deals worth $1.7 billion, chiefly with Chinese firms

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Ethiopia agrees minerals, energy deals worth $1.7 billion, chiefly with Chinese firms

5:05 CAT | 14 May 2025

File photo: Reuters

Ethiopia has signed investment deals for its minerals and energy sectors worth more than Sh219.3 billion ($1.7 billion), mostly with Chinese firms, its finance ministry said.

The East African nation, which struck a four-year, Sh438.6 billion ($3.4 billion) program deal with the International Monetary Fund last July, is in the midst of a far-reaching reform drive, including the flotation of its birr currency and a push to complete a Sh1.084 trillion ($8.4 billion) debt restructuring with its official creditors.

The Finance Ministry said in a statement late on Tuesday that companies attending a two-day investment conference in Addis Ababa had signed agreements to bring more Sh219.3 ($1.7 billion) into the country.

The deals signed include a planned Sh 64.5 billion ($500 million) investment by Hua Ye Mining Processing Company in minerals exploration and processing and the development of a special economic zone focused on minerals, the ministry said.

Another Sh 77.64 billion ($600 million) will come from Sequoia Mining & Processing Plc to develop coal mining projects, while another Sh 46.44 billion ($360 million) will come from Hainan Drinda New Energy Technology to build a solar cell manufacturing plant.

Another Sh 32.25 billion ($250 million) will come from CSI Solar, also for solar energy development, the ministry said.

The ministry did not give a timeframe for when the money was expected to come to Ethiopia.

Source: Reuters