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According to local media in Ethiopia, the State Grid Corporation of China has announced that it will invest US$1.
8 billion
in Ethiopia's transmission and distribution network.
The agreement came after Ethiopian Prime Minister Abiy Ahmed's visit to Beijing, where he held talks with the China Export and Credit Insurance Corporation (CCIC), which agreed to organize the funds
.
Ethiopia has made the development of its estimated 60GW of renewable energy a cornerstone
of its 15-year growth and transformation plan.
The country currently has about 4.
5GW of installed capacity, a population of more than 100 million, and its electricity demand is growing by about 30%
per year.
Currently, 30% of the country's population has a stable supply of electricity, while in areas covered by the grid, only 60% of households have access to electricity
.
To improve the situation, the government has drawn up plans to
build 9,000 km of distribution lines and 19,600 km of transmission lines.
While Ethiopia's economy has grown by more than 10 percent annually since 2006, it is struggling to service its external debt
.
During Prime Minister Abiy Ahmed's visit, China agreed to cancel all interest accrued on its debt, estimated at between $12 billion and $20 billion
.
However, lack of funding is constraining infrastructure investment
.
According to Ethiopia's Ministry of Transport, little progress has been made in the past nine months in the construction of the Ethiopian Electrified Railway between Awash and Hara Gebeya due to lack of funding
.
Transport Minister Dagmawit Moges told Ethiopia's parliament that construction on the project stretches from the east to the north of the country, with only 54 percent completed
in the past five years.
According to local media in Ethiopia, the State Grid Corporation of China has announced that it will invest US$1.
8 billion
in Ethiopia's transmission and distribution network.
The agreement came after Ethiopian Prime Minister Abiy Ahmed's visit to Beijing, where he held talks with the China Export and Credit Insurance Corporation (CCIC), which agreed to organize the funds
.
Ethiopia has made the development of its estimated 60GW of renewable energy a cornerstone
of its 15-year growth and transformation plan.
The country currently has about 4.
5GW of installed capacity, a population of more than 100 million, and its electricity demand is growing by about 30%
per year.
Currently, 30% of the country's population has a stable supply of electricity, while in areas covered by the grid, only 60% of households have access to electricity
.
To improve the situation, the government has drawn up plans to
build 9,000 km of distribution lines and 19,600 km of transmission lines.
While Ethiopia's economy has grown by more than 10 percent annually since 2006, it is struggling to service its external debt
.
During Prime Minister Abiy Ahmed's visit, China agreed to cancel all interest accrued on its debt, estimated at between $12 billion and $20 billion
.
However, lack of funding is constraining infrastructure investment
.
According to Ethiopia's Ministry of Transport, little progress has been made in the past nine months in the construction of the Ethiopian Electrified Railway between Awash and Hara Gebeya due to lack of funding
.
Transport Minister Dagmawit Moges told Ethiopia's parliament that construction on the project stretches from the east to the north of the country, with only 54 percent completed
in the past five years.
