Ethiopia Attracts $1.2 billion FDI in first half of Budget Year

Ethiopia has attracted foreign direct investments (FDI) worth 1.2 billion US dollars in the first half this budget year, the Ethiopian Investment Commission (EIC) has said.

The country hopes to attract FDI worth close to 3.5 billion US dollars in this Ethiopian fiscal year (2016/17), according to the Commissioner.

Fitsum Arega, Commissioner of EIC, said the government has given over 100 million birr financial support to horticulture companies affected by the recent unrest in Oromia and Amhara regional states.

The government has provided the support after an assessment was made by a neutral body. It will also continue to give support to companies engaged based on the ongoing assessments, Commissioner said.

For those companies which managed to cope with the damage by their own, the government has given a one year grace period and duty-free privilege, he said.

According to Fitsum, no foreign investors have withdrawn or halted their operations due to the recent unrest in the country.

This post first appeared HERE

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