Ethiopia launches fundraising drive for infrastructure development

1 Mar 19

The prime minister of Ethiopia is to host a fundraising dinner as part of a $1bn fundraising initiative aimed at paying for infrastructure in the country’s capital.

Tickets for the event will cost more than $175,000 each, according to the BBC.

Prime minister Abiy Ahmed, who came to power last year, hopes the dinner will boost foreign investment into the fast-growing economy.

Since becoming prime minister, he has pushed for economic reforms in Ethiopia. He also has set out plans for the redevelopment of the capital Addis Ababa, which includes an expansion of green spaces and shopping areas.

Correspondents have said the country is increasingly looking to raise funds itself rather than rely on international donors. Similar events to the fundraising dinner have been held in the past for economic investment and humanitarian aid.

Abiy Ahmed is reported to have sold his watch for $175,000 during one of those events.

The country’s economic ambitions, which include a multi-billion-dollar privatisation of the telecoms, energy, shipping and sugar industries, are already attracting foreign investment, particularly from the Middle East.

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