November 10, 2009 / 9:10 AM / 11 years ago

China loans Ethiopia $349 mln for road building

Road construction project near Isiolo town, about 320 km (200 miles) north of Kenyan capital Nairobi, July 7, 2008. REUTERS/Antony Njuguna

ADDIS ABABA (Reuters) - China has agreed to provide a $349 million loan to Ethiopia for the construction of a 79 km (49 mile) highway between the capital Addis Ababa and Adama, a business hub in the east of the Horn of Africa nation.

The loan agreement was signed between Li Ruogu, president of Export-Import Bank of China (Exim Bank) and an official of the Ministry of Finance and Economic Development, the state-run Ethiopian News Agency (ENA) reported.

The 12 metre wide road will be constructed by China Road and Bridge Corporation (CRBC) and is due to be completed by 2014.

The Ethiopian government has focused on improving links to the country’s northern tourist sites and regions producing export crops such as coffee.

Foreign investors have been showing growing interest in exporting Ethiopia’s commodities and exploring its deserts for probable oil and gas deposits.

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