Ethiopia Secures $1.6 Billion Energy and Minerals Deals
Ethiopia secured more than $1.6 billion worth of investment deals – most of these with Chinese firms – in its energy and minerals sectors at the end of the Invest in Ethiopia High-Level Business Forum 2025, the Ministry of Finance of the East African country said in a statement.
Ethiopia is currently looking to enact reforms and boost its economy via private-led growth, including by attracting investments in its natural resources.
Last year, the country reached a deal with the International Monetary Fund (IMF) for a $3.4 billion Extended Credit Facility (ECF) arrangement to support Ethiopia’s Homegrown Economic Reform (HGER) Agenda to address macroeconomic imbalances, restore external debt sustainability, and lay the foundations for higher, inclusive, and private sector-led growth.
At the closing ceremony of the business forum in the capital city Addis Ababa, Ethiopia signed on Tuesday a number of investment deals.
China’s Huawei Mining Processing Company Limited agreed to a planned investment totaling $500 million for mineral exploration, processing, and the development of a special economic zone focused on minerals.
Sequa Mining and Processing PLC – a joint venture between Ethiopian and Chinese companies – plans about $600 million in investment to develop coal mining projects in the East African country.
Hanergy New Energy Technology Company Limited & Jandu signed a deal for a planned investment of $360 million to establish a solar cell manufacturer in Ethiopia.
Toyo Solar Manufacturing Development PLC signed an agreement to invest $14 million to further increase its Ethiopian solar cell capacity.
Additionally, Sesar Energy Advancing Solutions signed a deal for a planned investment of approximately $100 million in the first phase and an additional $150 million in the second phase to support local solar energy development.
Ethiopia is known for having deposits of coal, opal, gemstones, kaolin, iron ore, soda ash, and tantalum, but only gold is currently mined in significant quantities.
By Tsvetana Paraskova for Oilprice.com
