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United Arab Emirates gives Ethiopia $1 billion lifeline to ease foreign exchange crisis

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
  • CNBC

The sum is part of a total of a $3 billion aid and investment pledge from the UAE to Ethiopia announced Friday.

Zeb 2bThe 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…

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