Ethiopia requires $7.5bn to complete megaprojects

Ethiopia’s new prime minister, Abiy Ahmed said on Friday that the country needs 7.5 billion dollars to finish infrastructure projects such as a massive dam and roads that the government hopes will drive industrialisation.

Ahmed made the disclosure to parliament before its vote on the 2018/19 budget that the government needed to be more efficient and prudent in its spending of public funds.

He said that many state-owned enterprises were heavily indebted and export earnings were a third of the 10 billion dollars annual target.

Ahmed has introduced economic reforms such as liberalising state companies and reducing the role of the military in the economy since taking office in April.

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