Ethiopia attracts over $2b FDI in half year

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Ethiopia attracts over $2b FDI in half year

3:08 CAT | 28 Mar 2018

Ethiopia has attracted over $2 billion foreign direct investment (FDI) during the first half of its current budget year which began on July 8, 2017.Ethiopian Investment Commissioner Fitsum Arega told reporters on Wednesday that despite the unrest, the country has managed to attract $2.2 billion in the first half of this fiscal year, up by 22 percent from that of same period last year.

Manufacturing industries and export-oriented sectors were among those which attracted significant number of investors and created large job opportunities, he added.

“This clearly indicates that the vision to make Ethiopia the top investment destination in Africa is gradually becoming a reality.”

The extensive infrastructural development and the all-round government’s support to investors were among the major factors contributed to better FDI flow to the country, Fitsum claimed

Fitsum said the government has begun providing financial support for companies whose properties had been damaged due to the unrest occurred is some parts of the country in 2016 and earlty 2017.

A total of 302 investment institutions, including 53 floriculture and horticulture farms, 48 coffee processing industries and six public enterprises, were attacked during the unrest, the Commissioner told journalists today.

“Over $18b has been set aside in financial support for the companies whose properties were damaged due to the unrest,” he continued

According to the commissioner, the fund has already been secured from the Development Bank of Ethiopia and Commercial Bank of Ethiopia.

Source: APA