Saudi-Ethiopian trade climbs to SR 849m

The volume of trade exchange between Saudi Arabia and the Federal Democratic Republic of Ethiopia has steadily increased from SR 206 million in 2006 to SR 849 million in 2011, Minister of Finance Dr. Ibrahim Al-Assaf said. The minister’s statement came following the signing ceremony of a dual tax prevention deal between the two countries which was signed by the Saudi minister and his Ethiopian counterpart Sufyan Ahmed in Addis Ababa on Thursday, the Saudi Press Agency reported. Al-Assaf called on the businessmen in the two countries to take advantage of the deal for setting up joint investment projects. The Saudi minister also signed another deal with his Ethiopian counterpart whereby the Saudi Development Fund (SDF) will provide a loan worth SR 56.25 million aimed to fund a rural electrification project in the eastern part of Ethiopia within its efforts to boost socio-economic development and minimize poverty levels in rural areas. Meanwhile, another $ 10 million deal was signed with the Arab Bank for Economic Development in Africa (BADEA) to fund the same project. The Ethiopian finance minister and BADEA Board Chairman Eng Yusuf Al-Bassam signed for their respective parties. From Arab News