UAE Commits $3 Billion Aid and Investments to Ethiopia

 The UAE has committed $3 billion in aid and investments to Ethiopia. This includes a $1 billion deposit into Ethiopia’s central bank to alleviate a severe foreign currency shortage. The pledge, announced after a meeting between Ethiopian Prime Minister Abiy Ahmed and Abu Dhabi’s crown prince, Sheikh Mohamed Bin Zayed, underscores strong support for Abiy's leadership. Such financial assistance from Gulf nations like the UAE and Saudi Arabia is not uncommon in the region, aimed at bolstering cooperative governments.

Abiy, who assumed office amidst significant internal turmoil, has signaled a willingness for political reforms beyond initial expectations. Recent initiatives include plans to privatize state-owned enterprises and resolve long-standing conflicts, such as the border dispute with Eritrea. The UAE's commitment is expected to have a substantial impact on Ethiopia’s economic stability, particularly by addressing the currency shortage that has strained sectors across the economy.

In addition to the central bank deposit, the UAE plans to invest $2 billion in Ethiopia's tourism, renewable energy, and agriculture sectors. During the visit, Sheikh Mohamed's delegation expressed interest in investments spanning real estate and healthcare, underscoring the breadth of bilateral economic cooperation.

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