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UAE to Give Ethiopia $3bn Aid Package

Abu Dhabi fund allocates $3bn aid package to Ethiopia
Abu Dhabi’s crown prince, Sheikh Mohamed Bin Zayed, throws a $3 billion lifeline to cash strapped Ethiopia in the form of aid ($1bn) and investment package ($2bn). But, what’s the catch?

BY AARON MAASHO / REUTERS

The United Arab Emirates pledged a total of $3 billion in aid and investments to Ethiopia on Friday, an Ethiopian official said, a major show of support for the new prime minister, Abiy Ahmed.

The UAE will deposit $1 billion in Ethiopia’s central bank to ease a severe foreign currency shortage, government spokesman Ahmed Shide told Reuters at a palace in Addis Ababa after Abiy met with Abu Dhabi’s crown prince, Sheikh Mohamed Bin Zayed. Continue reading UAE to Give Ethiopia $3bn Aid Package