Ethiopia is surging ahead with its grand plan to transform its largely agrarian economy into an industrialized one by 2025.As part of this strategy, a new, industrial park at a cost of $300 million is proposed to be built under a joint collaboration between Ethiopia and China. The construction of the project located in Adama city, a key commercial hub in central Ethiopia is expected to start before the end of 2019 according to the Chinese news agency Xinhua.
Mr.Liu Yu, economic and commercial counsellor at the Chinese Embassy in Ethiopia, recently stated that 85 percent of the funding required for constructing the industrial park will be covered through Chinese government concessional loans. The remaining 15 percent will come from the Ethiopian government. The work related to land acquisition and financing-related procedures have already started. The focus of the proposed industrial park will be on attracting firms engaged in equipment manufacturing,
The new industrial park will be the second one in Adama city, with Chinese finance and expertise. The first Adama industrial park, was built by China Civil Engineering Construction Corporation (CCECC) at a cost of 146 million dollars, and inaugurated by Ethiopian Prime Minister Dr Abiy Ahmed in October 2018.
