Ethiopia,
Djibouti agree to revive,modernize bankrupt railway company
Djibouti, December 30,2005 (WIC) - Ethiopia and Djibouti have reached agreement
on ways of reviving and modernizing the bankrupt Ethio-Djibouti Railway
Company.
The agreement which was concluded here, following a two-day joint administrative council meeting, is expected to help extricate the company from its huge deficit and make it modern and feasible.
According to the agreement signed by Jundein Sado, the Minister of Transport and Communications and his Djiboutian counterpart Ismael Ibrahim the company would be administered by a third party. The arrangement would help improve its management,operation and income thus making the company profitable.
The two countries have also agreed to jointly facilitate the handing over of the company to the body that would be selected in due process.
Furthermore, the ministers agreed to work together to secure the 37 million Euro pledged by the European Union for the modernization effort and to cooperate in the proper implementation of the project.
The delegation led by the Minister of Transport and Communication also visited, among others, a bus terminal constructed by Ethiopians residing in Djibouti and the newly built Djibouti Durale Port before his return home yesterday.
