China to fund $300m industrial park in Adama, Ethiopia
Ethiopia and China are set to partner on a $300m industrial park in the city of Adama, 99km southeast of Addis Ababa.
The news was reported by the Xinhua agency, which quoted Liu Yu, economic and commercial counselor at the Chinese Embassy in Ethiopia, as saying that construction could start before the end of the year.
According to Liu, 85% of the funding needed would be covered by soft loans from the Chinese government and the remainder comes from the Ethiopian government.
Liu said: “The governments of China and Ethiopia have attached great importance to their cooperation in various fields including in construction of industrial parks, whereby they have achieved fruitful results.”
The park, which will focus on equipment manufacturing, would be the second to be built in Adama.
The 100 ha project is expected to create 25,000 jobs and is part of Ethiopia's grand plan to transform its largely agrarian economy into an industrialized one by 2025.
13 August 2019
Source:- GCR (Global construction Reviews) Staff