Egypt to invest in development of 20,000 hectares of land in Ethiopia

December 30, 2009


Dr. Ahmed Nazif, Prime Minister of Egypt

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.


One comment on “Egypt to invest in development of 20,000 hectares of land in Ethiopia

  1. Please takecare to make the background of the investment. I am afraid the background might be the same as that of the relation of Woyane and Shabiya: shouting about Eritrian freedom free port and no bonbing around their boarder. The result was 70,000 death, slavery people and boarderless countries.

    This investment will be based on international investment law and will has no negative implications on our communal resources: Abay water.

    Be awere, 1993 treaty with Meles lacks representative of Ethiopia since we were under transitional government at that time.

    Finote-Ethiopia, Addis Ababa.

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