UAE injects $3 billion into Ethiopia’s cash-strapped economy

The United Arab Emirates deposited $1 billion in Ethiopia's foreign currency strapped National Bank and $2 billion more into various investments.

The agreements came a few hours after the arrival on Friday of Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan, the crown prince of Abu Dhabi, in the Ethiopian capital Addis Ababa for a two-day official visit.

Upon arrival at the Addis Ababa International Airport the crown prince was welcomed by Prime Minister Abiy Ahmed, who then took the driver's seat to take his guest to an IT park.

The two leaders then met at the National Palace where they witnessed the signing of seven memorandums of understanding in the areas of economy, culture, tourism and consular affairs (visa free travels for diplomatic personnel).

One month after assuming office as the new prime minister in April this year, Ahmed had visited the UAE.

"UAE's financing will significantly help boost investment activities in Ethiopia," Ahmed Shide, Ethiopian minister in charge of Government Communication Affairs Office told reporters.

The cooperation agreements provide for UAE investors to engage in the construction of large scale real estate development, Shide said, adding they would also be involved in the hospitality sector in Ethiopia.