In order to complete infrastructure projects, Ethiopia needs $7.5 billion

PUBLISHED: Fri, 06 Jul 2018 17:40:17 GMT

NAIROBI (Reuters) – Ethiopia needs $7.5 billion to finish infrastructure projects such as a massive dam and roads that the government hopes will drive industrialisation, the new prime minister said on Friday.

Speaking to parliament before its vote on the 2018/19 budget, Abiy Ahmed said the government needed to be more efficient and prudent in its spending of public funds. He said many state-owned enterprises were heavily indebted and export earnings were a third of the $10 billion annual target.

Abiy took office in April and has pledged sweeping political and economic reforms.

Writing by Maggie Fick; Editing by Duncan Miriri and Alison Williams

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.