Ethiopia PM says China will restructure railway loanADDIS ABABA: China has agreed to restructure some of Ethiopia’s debt, including a loan for a $4 billion railway linking its capital Addis Ababa with neighboring Djibouti, Ethiopia’s Prime Minister Abiy Ahmed said on Thursday. Abiy described the rescheduling as limited, but added that repayment of the railway debt has been extended by 20 years. Landlocked Ethiopia and the Red Sea state inaugurated the railway in January, with 70 percent of the total cost covered through a loan from the Export-Import Bank of China (EXIM). “During our stay, we had the opportunity to enact limited restructuring of some of our loans,” he said in Addis Ababa. In addition to Djibouti, Ethiopia is also in discussions with neighboring Eritrea, Sudan and Somalia to expand its options for sea access.

Source: Ethiopian News September 06, 2018 16:07 UTC