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Ethiopia Licenses 64 Billion Birr Worth Investment Projects in 9 Months

Tigrai Online
April 27 2012

Investment projects valued at 64 billion Birr were licensed in nine months in this Ethiopian fiscal year, the Ethiopian Investment Agency said.

Agency Public Relations Corporate Service Director with the Agency, Getahun Negash told ENA on Thursday that of the 64 billion Birr total investment the country receives between July 2011 and March 2012, foreign investment accounts for 61.32 billion Birr.

Getahun said 457 various investment projects were licensed during the reported period. Some 386 of the total number of projects constituting 86 percent were reported to be foreign investment.

However, the total investment in which the country received during the nine months this year is less when compared to that of last year' s same period both in terms of capital and number of projects.

According to Getahun, the investment capital flow and number investment projects the nation got last year in nine months stood at 112 billion Birr and 1,164 respectively.

He attributed the decrease in the amount of investment to the screening of developmental investors, which are regarded as genuine in terms of going into operation in a very short period of time, from non-developmental investors.

The lions share of the investment goes to industrial, agriculture and construction sectors, according to Getahun.

Concerning the share of regions, he said, all the nine regions and two city administrations have benefited from the investment the country received in the period. However, the Addis Ababa City Administrative Region, Oromia, Amhara and South Ethiopia Peoples states are the top four recipients of the investment.

On the other hand, the Agency had revoked the licenses of 1,228 investment projects which failed to be operational while orders have been sent to get the investors return the various incentives they were provided to pertinent government body, according to Gethaun.

Ethiopia had attracted about 124.6 billion Birr investment, including direct foreign investment in 2003 EC.

Source: ENA

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