Ethiopia has secured investment agreements totaling more than USD 1.7 billion for its minerals and energy sectors, with the majority of the deals involving Chinese companies, the Ministry of Finance announced.
The agreements were finalized during a two-day investment conference held in Addis Ababa. Notable among the deals is a $500 million investment by Hua Ye Mining Processing Company, which will focus on minerals exploration, processing, and the development of a special economic zone dedicated to the minerals sector.
Additionally, $600 million will be invested by Sequoia Mining & Processing PLC in coal mining projects, while $360 million from Hainan Drinda New Energy Technology will fund the construction of a solar cell manufacturing plant. Another $250 million will be invested by CSI Solar for the development of solar energy infrastructure in the country.
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The Ministry of Finance did not specify a timeline for when the funds are expected to arrive in Ethiopia.
These investments come at a time when Ethiopia is pursuing extensive economic reforms, including the flotation of its currency, the birr, and efforts to complete an $8.4 billion debt restructuring with its official creditors. The country also secured a $3.4 billion loan from the International Monetary Fund (IMF) in July 2024 as part of a broader four-year reform program.
