Addis Ababa, September 5, 2024 (FBC) – Ethiopia’s Minister of Finance, Mr. Ahmed Shide, revealed that China has pledged financial backing of 400 million yuan (in the region of 56,342,800 USD) to facilitate the implementation of various projects within Ethiopia.
Mr. Ahmed Shide revealed this story in his assessment of Ethiopian delegation’s engagement in the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) and the Ethiopia-China High-Level Business Forum, being held this week in Beijing.
This announcement underscores the strengthening of bilateral relations between Ethiopia and China, which have evolved into an all-weather strategic partnership, the Finance Minister stated.
During their discussion on Wednesday, Ethiopia’s Prime Minister Abiy Ahmed and China’s President Xi Jinping reached an agreement to further enhance the comprehensive ties between their respective countries.
President Xi Jinping commended Ethiopia’s successful implementation of comprehensive macroeconomic reforms by utilizing its policy freedom, despite global challenges. Ahmed noted that President Xi expressed admiration for Ethiopia’s latest achievements and reforms, believing that they would attract Chinese investors.
The Minister stated that the two nations are considering a currency swap arrangement, which would allow businesses to be conducted using their local currencies, Birr and Yuan.