Italy inflation edges up in April '25    EGP closes high vs. USD on Wednesday    Germany's regional inflation ticks up in April    Taiwan GDP surges on tech demand    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    Cabinet approves establishment of national medical tourism council to boost healthcare sector    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    49th Hassan II Trophy and 28th Lalla Meryem Cup Officially Launched in Morocco    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Ethiopia gets $1 billion from Brazil for rail project
Published in Bikya Masr on 27 - 05 - 2013

ADDIS ABABA: Ethiopia has reported it will receive $1 billion in funding from the Brazilian Development Bank to build a section of a railway that will be extended to connect to neighboring South Sudan, a Foreign Ministry official said.
Andrade Gutierrez Participacoes SA of Brazil will build the link running from the capital, Addis Ababa, to Jimma about 439 kilometers (273 miles) to the southwest, Taye Atskeselassie, director general for the Americas at the ministry, said in an interview on May 24.
The bank “is willing to finance the project," he said after Ethiopian Prime Minister Hailemariam Desalegn met Brazilian President Dilma Rousseff. “The technical side has been finalized, it's only the financing part; it's a matter of the details." Construction will begin “soon," he said.
Ethiopia, Africa's second-most populous nation, needs funding to build 4,744 kilometers of electrified railway lines at a cost of 110.8 billion birr ($5.9 billion) as it seeks to develop a cheaper alternative to moving goods by road. Economic growth may slow to 6.5 percent this year and next, compared with average growth of 8.7 percent over the past five years, according to the International Monetary Fund.
It comes as China and Turkey had been pushing their own rail projects in the East African country.
Experts on the ground have confirmed to Bikyanews.com that by bolstering the country's railway system it could help trigger an economic boom for the country that would allow people to travel easier throughout the country.
Brazilian companies could build a 439-kilometer section of a route to oil-rich South Sudan and India is considering export financing for a line to a port in Djibouti, he said.
“They want to come and invest in Ethiopia and get their return," the company said in the capital, Addis Ababa.
Ethiopia, Africa's second-most populous nation, is building 4,744 kilometers of electrified railway lines at a cost of 110.8 billion birr ($5.9 billion) as it seeks to reduce road-transport costs constraining the continent's fastest growing non-oil producing economy over the past decade. Growth may slow to 6.5 percent this year and next, compared with average growth of 8.7 percent over the past five years, according to International Monetary Fund data.
Ethiopian Railways plans to lay more than 2,000 kilometers of standard-gauge track during a five-year national growth plan that runs until mid-2015. China Civil Engineering Construction Corp. and China Railway Group Ltd. (390) are working on sections costing more than $1 billion each along Ethiopia's main 656- kilometer trade route from Addis Ababa to Djibouti.
BN


Clic here to read the story from its source.