Morocco signed an agreement on Saturday to invest over two billion dollars in Ethiopia over a five year period to build a fertilizer factory.<\/p>\n
The $2.4 billion to be invested between 2017 and 2022 in the 100 acre factory near the eastern city of Dire Daoua is expected to make Ethiopia self-sufficient by 2025.<\/p>\n
The deal was signed during the official visit of Moroccan King Mohammed VI to Ethiopia to strengthen its political and South\/South partnership.<\/p>\n
The agreement is between Moroccan phosphate producer OCP Group and the Ethiopian government with the former financing the project.<\/p>\n
\u201cThis is our largest investment outside Morocco. Our goal is to reduce Ethiopia\u2019s dependence on fertilizer imports,\u201d he added. ,\u201d OCP Group\u2019s Chief Executive Officer Mostafa Terrab told the media.<\/p>\n
Details of the agreement were not made available, but the factory is expected to produce 80% of Ethiopia\u2019s fertilizer by 2022 once the first phase is finished.<\/p>\n
Morocco also signed seven public bilateral conventions and agreements to cover areas including air services, tax cooperation, investment protection, agriculture and renewable energy.<\/p>\n","protected":false},"excerpt":{"rendered":"
Morocco signed an agreement on Saturday to invest over two billion dollars in Ethiopia over a five year period to build a fertilizer factory. The $2.4 billion to be invested between 2017 and 2022 in the 100 acre factory near the eastern city of Dire Daoua is expected to make Ethiopia self-sufficient by 2025. The […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[100],"byline":[2539],"hashtag":[],"class_list":["post-30443","post","type-post","status-publish","format-standard","hentry","category-business","tag-africa","byline-africa-news"],"bylines":[{"id":2539,"name":"Africa News","slug":"africa-news","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"contributors":[{"id":2539,"name":"Africa News","slug":"africa-news","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/30443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=30443"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/30443\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=30443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=30443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=30443"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=30443"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=30443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}