The United Arab Emirates (UAE) is to deposit $1 billion in Ethiopia’s central bank to ease the latter’s foreign exchange shortage.
- Justina Crabtree
The sum is part of a total of a $3 billion aid and investment pledge from the UAE to Ethiopia announced Friday.
The news came as Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan visited Ethiopian Prime Minister Abiy Ahmed in Addis Ababa.
Ethiopia’s foreign exchange shortage is due in part to its spending big on infrastructure projects.
The current total left in the…