China loans Ethiopia US$349 million for construction of expressway

January 16, 2018 By

Tuesday, November 10, 2009

China has loaned Ethiopia US$349 million worth of funds for the construction of the the country’s first modern expressway, making Ethiopia among the first beneficiaries of the recently implemented China-Africa development funding plan.

The road is to be close to 80 kilometres long, and will connect Nazaret (also called Adama), the country’s second-largest city, with the capital, Addis Ababa.

Funds from the Export-Import Bank of China are to be used to give the loans, according to the agreement. The deal was signed by Li Ruogu, the president of China’s Export-Import Bank, and Ahmed Shide, the Ethiopian state minister of finance and economic development.

According to the Ethiopian News Agency, the motorway is to be completed by 2014. The country has also agreed to other financial deals with China, mainly in the telecommunications and energy sectors.