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HomeEthiopian NewsParliament approves 380 million U.S. dollars loan request from China

Parliament approves 380 million U.S. dollars loan request from China

Ethiopian News
December 31,2016

Bole International Airport Expansion Project, Source : The Reporter

Parliament in Ethiopia approved $380 million U.S dollars loan request from the government of People’s Republic of China and Import and Export Bank of China.

The justification for loan request is to finance infrastructure projects related to airport expansion. Chinese firms are predominantly undertaking infrastructure projects across Ethiopia. Also, the fund will finance electric grid system in the capital Addis Ababa.

The Export and Import Bank of China also granted Ethiopian Airlines $345 million dollars loan for terminal expansion project which is said to be scheduled for completion in 2018. Tsegaye Gebreab is in charge of the Ethiopian Airlines expansion project, according to The Ethiopian Reporter, local newspaper that is associated with the ruling Tigray People’s Liberation Front.

Corruption is rampant in Ethiopia and Ethiopian government called an emergency meeting and businessmen are arrested.

There is no single opposition voice in the parliament after the regime in power declared a 100 percent win in the last general election.

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