Ethiopian Investment Holdings (EIH) has signed a groundbreaking agreement with the US Private Equity Fund to develop a five-star hotel in Addis Ababa. Announced at the 17th US Africa Business Summit in Angola, the project aims to strengthen Ethiopia's hospitality sector and demonstrates a broader driving force to attract foreign direct investment ahead of its participation in the African Continental Free Trade Area (AFCFTA), which is scheduled to commence in July 2025.
EIH's latest move is part of a broader strategy to drive investment across key sectors, including infrastructure, agriculture and technology. Alongside the hotel, the agency is working with Ethiopian Airlines to work on major developments such as a new international airport that can handle over 100 million passengers. Reforms such as liberalised monetary policy and relaxed foreign ownership rules are designed to make Ethiopia more attractive to international investors and support its long-term economic growth.
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Source: CNBC Africa
