Tuesday, December 16, 2014

Ethiopia to expand energy, industry with Eurobond funds

(Dec 16, 2014,  (Reuters))--Ethiopia plans to expand industry, sugar factories and power production using proceeds from its oversubscribed debut Eurobond that raised $1 billion, the finance minister said on Tuesday.

Ethiopia is the latest African state to receive a strong response on its first foray into the international debt markets. Investors have been eyeing Africa's sturdy growth rates and Ethiopia's economy is now expanding by about 9 percent a year.

"This amount will be spent on industry zones planned for construction across the country soon. They will attract investment and generate foreign currency," Finance Minister Sufian Ahmed told reporters.

Offering cheap labour and power supply, as well as improving transport and other infrastructure, Ethiopia aims to be a hub for textiles and other industries by attracting investors who are moving some manufacturing plants from China and other Asian markets, where costs are rising. Read more from Reuters » 

No comments:

Post a Comment