CADF expresses desire to work closely with EIC in facilitating further investments in Ethiopia

Addis Ababa, October 29, 2024 (FBC) – The China-Africa Development Fund (CADF) has expressed its desire to work in partnership with the Ethiopian Investment Commission (EIC) to facilitate further investments in Ethiopia.

This story was disclosed by EIC after the meeting between Mr. Dagato Kumbe, Deputy Commissioner of the Investment Operations Division at EIC, and Mr. Wang Shaodan, Chairman of the China-Africa Development Fund (CADF), at the Commission’s head office in Addis Ababa this morning.

During their meeting, Mr. Dagato highlighted the significant macroeconomic reforms being implemented by the Ethiopian government and the progress achieved thus far.

He also acknowledged the substantial investments being made by Chinese investors in Ethiopia, noting their important role in the country’s foreign direct investment (FDI) landscape.

In response, Mr. Wang outlined the goals behind the establishment of the CADF, emphasizing the Chinese government’s commitment to investing 70 billion RMB in Africa over the next three years, with plans to double current investments.

He mentioned that CADF has already invested over 73 million USD in Ethiopia and expressed interest in partnering with the EIC to facilitate further investments.

Looking ahead, both parties agreed to strengthen their collaboration in promoting Chinese investments in Ethiopia, support the reinvestment and expansion of existing Chinese ventures, and enhance exchanges of updates on the economic and investment ecosystem between the two parties, as per EIC.