Ethiopia, the horn of Africa, a rugged, landlocked country split by the Great Rift Valley, a land highlighted by a vibrant culture, diverse landscapes, relevant historical sites is experiencing a period of growth and development with various initiatives focusing on enhancing its economy and appeal with its unique cultural and natural attractions.
The African country is actively working to attract more tourists and increase foreign exchanges earnings through investments in destination development, improved infrastructure, and marketing efforts.
As part of these efforts recently MoF, the Ministry of Finance has signed public private partnership agreements for the development of affordable housing, tourism destinations and health services.
The signing of these agreements has marked another step in Ethiopia's efforts to accelerate infrastructure and service delivery through private sector engagement. The agreement covers four affordable housing development, two tourism resort projects, and one integrated diagnostic centre.
The signatories include private developers such ICE Home Development and Construction PLC, Ovid Chaka Housing Development PLC, and OVID Kings Tower Housing Development PLC, along with the Ethiopian Construction Works Corporation.
On the tourism front, Denbi Lake Lodges PLC under MEDROC Ethiopia Group and Awash Falls Resort PLC in partnership with Bosten Partners are the members of this partnership.
For the health project corresponding to the creation of the integrated diagnostic centre, a consortium composed of Cerbalancet ICL, and Pioneer will undertake the development.
During the signing ceremony, Finance Minister Ahmed Shide emphasized that the Public Private Partnership framework is becoming a key development financing tool for the country, providing a modern platform to mobilize resources and unlock private investment in areas where public funds alone can not meet demand.
The Minister noted that the country has already launched major renewable energy projects such as geothermal power under public private partnership arrangements, wind, solar, and the new projects represent continued momentum.
During his speech, the Minister of Finance also highlighted the strategic importance of urban development and said that the housing projects will help address critical gaps in the city's fast - growing demand for affordable homes.
A further point highlighted was the importance of the tourism projects in boosting Ethiopia's ecotourism potential while promoting environmental preservation and sustainable investment, describing the Awash Falls and Denbi Lake projects as unique ventures that combine economic growth with conservation.
Turning to the health sector, the head of finance acknowledged that the country still faces significant gaps in access to modern diagnostic services and medical technology stating that the integrated diagnostic centre will be instrumental in improving healthcare delivery and encouraged private investors to bring innovation and quality service to this critical sector.
The Minister of Finance urged all companies involved to deliver their respective project on time, and the expected level of quality and he noted that projects performance will be closely monitored and the accountability is essential to building public trust in the public private partnership initiatives.
The Minister also pointed out that recent macroeconomic reforms, including the transition to a market - based foreign exchange regime, have resolved many of the concerns previously raised by the private sector and this created a more favourable investment climate for both ongoing and future projects.
Finally, the Minister extended his appreciation to the various government institutions that contributed to the preparation and implementation of the agreements, including the Office of the Prime Minister, the Ministry of Health, the Palace Administration, the Ethiopian Wildlife Conservation Authority and St. Peter Hospital reaffirming that the government's commitment to working closely with private sector is the key to drive inclusive and sustainable development across the country.
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