India pledges $195m to finance Ethiopia’s power sector
APA-Addis Ababa (Ethiopia) - India on Thursday pledged $195 million to support expansion of electric power transmission lines in Ethiopia.
The pledge was announced by the visiting Indian President Ram Nath Kovind in Addis Ababa where the two countries agreed to work on trade, communication, information and media sectors.
India will continue supporting Ethiopia’s economic development including education and health sectors said President Kovind in a joint press conference with his Ethiopian counterpart Dr. Mulatu Teshome.
He stated that the two countries have made great progress to bolster their relations in multifaceted areas but need to forge their investment, trade and people-to-people relations.
Ethiopia attaches great attenetion to its multifaceted relations with India and vows to further strengthen the long standing historic relations between our two countries, President Mulatu said
Indian investors with more than $400 million capital have created 50,000 jobs to Ethiopian citizens and the trade volume between the two countries has reached $1.37 billion. Dr Mulatu said in Ethio-India business dialogue held same day
“The Indian investors can engage in Ethiopia’s textile and garment, agro-processing, leather and leather products, pharmaceutical and health, engineering, ICT and floriculture”, Mulatu added
India's President Ram Nath Kovind said Ethiopia has been the largest recipient of Indian concessional lines of credit in Africa with over $1 billion committed to projects in power transmission and sugar.
He noted that India’s relationship with Ethiopia is symbolic of its engagement with the African continent, of which Addis Ababa is such a vital hub.