686 investment projects
Ethiopia Issues Licenses to 686 Investment Projects
Wednesday, 26 September 2012 11:28 Meron Tekleberhan Ethiopian Business News - Investment
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The Ethiopian investment Agency issued licenses to 686 projects in the previous financial year. The projects have a combined registered capital of approximately 86 billion birr.
83 billion birr of the investment making up 601 projects was international investment according to Debela Habte Senior Experts for Public Relations with the Ethiopian Investment Agency.
The projects are expected to create employment opportunities for an estimated 45 thousand citizens when they are all fully operational he said.
The investment for the financial year exceeded investment in the previous reporting year by 56%.
The most investment was attracted by the construction, industrial and agriculture sectors added Debela.
The most favored destinations for investment in this fiscal year have been the capital city Addis Ababa and the Amhara, Oromia and Tigray Regional States he explained.
The agency has been able to facilitate for 225 projects with a total of 17 billion birr in registered capital to become operational in the financial year by providing all the necessary support and encouragement said Debela. Some of these projects have actually began to offer services according to Debela.
The projects that have become operational have succeeded in creating 7850 permanent and 4855 temporary employment opportunities he said. The EIA also revoked 1414 licenses this year for failure to enter into operation according to schedule.
Source: Ethiopian Herald