CIDCA Highlights Priority Areas for Future Cooperation with Ethiopia

Addis Ababa: The China high level delegation team Lead by the Vice Chairman of China International Development Cooperation Agency (CIDCA) Zhao Fengtao has made fruitful discussion with Ethiopia's Minister of Finance, Ahmed Shide.On the occasion, the Minister briefed on the ongoing macro-economic reform program measures taken by the Ethiopian government, main achievements during the last two months and requested support from China government to implement the macroeconomic reform measures.He also pointed out the outcome of the economic cooperation projects specifically on the mega infrastructural projects financed by China government, the major challenges like suspension of outstanding payments on the ongoing projects; he requested to pressure the financial institutes to solve this problem.The minister also raised the issue of debt structuring measures under G-20 common framework and release finance for the ongoing projects urgently, in addition to Financing of new projects, provide technical support for Addis Ababa Light Railway and supporting feasibility works to erect electric vehicles manufacturing industries in Ethiopia.On his part Zhao Fengtao raised obstacles on the second phase of river side development project, the status of Ethiopia-Djibouti supplementary works and regarding the newly initiated FOCAC projects, he underscores to work closely to approve selected projects in the near future.The Vice Chairman introduced the Global Development Initiative (GDI) under CIDCA for the implementation.The vice chairman identified four priority areas for future cooperation. To support African Excellence academy, supporting new projects with a grant of 400 million RMB, supporting private and public sector projects with GDI special fund, and due attention for human development.Source: Ethiopian News Agency