Egypt to invest in development of 20,000 hectares of land in Ethiopia
APA-Addis Ababa (Ethiopia) Egypt announced on Tuesday preparations to invest on 20,000 hectares of land in Ethiopia, with a multi-million dollar investment.
The announcement was made by the visiting Egyptian Prime Minister, Dr.Ahmed Nazif who is on a working visit to Ethiopia starting on Tuesday.
The Egyptian delegation assured the Ethiopian officials that Egypt was keen to be involved in various investment opportunities in the country.
The Egyptian PM said that the National Bank of Egypt will initially develop 20,000 hectares of land of agricultural products as from 2010.
According to state media reports, Egypt will invest the undisclosed amount of agricultural investment in the Afar regional state of Ethiopia, known for its livestock resources.
The two countries prime ministers held talks late on Tuesday on how to boost their trade and investment cooperation, which in the past few years was poor.
The Egyptian delegation also showed interest to invest in other areas such as drug manufacturing.
It was also reported that Ethiopia, Egypt and Sudan are expected to reach an agreement on installation of electricity connectivity in the near future to link the three countries with hydroelectric power supply from Ethiopia, which is currently undertaking a multi-billion investment on hydroelectric projects.
Ethiopian Prime Minister Meles Zenawi and his Egyptian counterpart Dr. Ahmed Nazif also expressed their commitment to work together in the efforts to ensure benefits for the peoples of the two countries.