Credit Suisse Approves a $1.4bln Loan for Ethiopia’s Railway line Project

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Credit Suisse Approves a 1.4 Billion Dollar Loan for Ethiopia’s Railway line Project

The Bank has Promised to Finance European and American Companies that are Ready to Enter and Invest in Ethiopia – Credit Suisse Approves a 1.4 Billion Dollar Loan for the Railway Project that Stretches from Awash to Woldia.

A Swiss Bank named Credit Suisse has signed the agreement with Ethiopian Ministry of Finance and Economic Development for Loan.

It is remembered that the Ethiopian Railway Corporation had signed an agreement with the Turkish company, Yapi Maderkenzi, on July, 2013, for the construction of the 389Km long railway line that stretches from Awash to Woldia.

The Turkish company has signed the agreement for the 1.7 Billion Dollars. Since the project needs to have an additional 300 million dollars for completion, it is expected that the Ethiopian government would cover the remaining amount. It is known that this project is part of the great railway line that stretches from Mekelle, via Semera and Woldia to the Djibouti’s Tajura Port.

The Mekelle-Woldia railway line which constitutes a part of the whole railway project of the area is being financed by the Chinese Exim Bank and being constructed by the Chinese construction company, CCCC. Currently, on both legs of the construction, the Chinese and the Turkish companies are engaged on the construction of the railway line.

Girum Tebeje