SubSahara IMFThe International Monetary Fund (IMF) projected an increase in the average growth for Sub-Saharan Africa countries, forecasting a growth rate of 3.7 percent for 2020.

Ethiopia is expected to show growth accelerate to 7.7 percent in 2019/20.

According to the IMF Regional Economic Outlook issued on May 2, 2019, Sub-Saharan Africa’s average growth is expected to increase from 3 percent in 2018 to 3.5 percent in 2019 and 3.7 percent in 2020.

The report revealed that non-resource-intensive countries are expected to continue growing rapidly at about 6.3 percent on average in 2019-20.

About half of the region’s countries, mostly non-resource-intensive countries, are expected to grow at 5 percent or more, which would see per capita incomes rise faster than the rest of the world on average over the medium term.

Ethiopia, the region’s third largest economy, is expected to see growth accelerate to 7.7 percent as the uncertainty caused by political headwinds and external shocks abates, the report revealed.

The government has also announced its intention to pursue reforms to hand the reins of growth to the private sector, which, if implemented properly, could raise growth in the medium term, it added.

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DrAbiy World Bank PresidentPrime Minister Abiy Ahmed conferred with World Bank Group president, David Malpass and his delegation in his office on May 1, 2019.  

Malpass is taking his first oversea trip to three African countries including Ethiopia since assuming leadership of the World Bank Group on April 9, 2019.

Noting that Ethiopia is currently building a solid foundation with the ongoing economic reforms, the President affirmed that the World Bank’s continued its partnership with Ethiopia.

The World Bank Group is an important source of finance for Ethiopia’s development efforts, according to Office of the Prime Minister.

In October 2018, the WB has approved 1.2 billion USD in grants and loans to Ethiopia to support its economic growth and the ongoing reforms in the country, it was learned.

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EIC Sign 5Chinese companiesThe latest, close to 4 billion USD agreements between Ethiopia and the Chinese giant companies will further boost the country’s investment, according to Ethiopian Investment Commission (EIC).

The agreements include the 1.8 billion USD with the State Grid Corporation of China, which mainly targeted for providing of power generation of 16 industry parks including the Addis-Djibouti railway.

Tyson Group and Green Diamond Companies in collaboration will engage in pulp and paper production in Benshangul Gumuz Regional State to produce up to 1 million ton paper per annum.

The two companies will invest some 2 billion USD during their actual operation and also expected to play their crucial role in boosting the FDI, it was indicated.

EIC Commissioner, Abebe Abebayeyu, told the media today that the stated and other agreements signed in the sidelines of the Belt and Road Forum, which was held in Beijing, will massively boost investments in Ethiopia.

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DrAbiy BRFPrime Minister Dr Abiy Ahmed and his delegation attended the second Belt and Road Forum for International Cooperation (BRF) which was opened in Beijing, China on April 26. 2019.

In his remarks during a high-level meeting at the forum, the Premier highlighted the role the Addis Ababa – Djibouti railway is playing in facilitating trade between the two countries; testament to the connectivity principle of the Belt and Road Initiative.

Sharing the investment-led economic policy and reforms being undertaken, he encouraged more investors to participate in the newly opened up sectors, according to a Twitter post by office of the Prime Minister.

Ahead of the forum, the Prime Minister and his delegation met several Chinese officials, including President Xi Jinping and Prime Minister Li Keqiang to discuss the further strengthening of Ethiopia-China relations.

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HawassaIP 103The Ethiopian Investment Commission (EIC) disclosed that 103 million USD export has been generated from industrial parks in the past nine months.
The performance exceeded that of same period last fiscal year by 40 percent, it was learned.
Investment Commissioner Abebe Abebayehu told ENA that 70 percent of the planned earning from industrial parks during the stated period has been accomplished.
He added that footwear and other leather products as well as textiles and apparel have been exported to European countries, USA, Asia and other export destinations.

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