Agency licenses over 16 bln birr projects

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Addis Ababa, November 26 (WIC) –The Ethiopian Investment Agency (EIA) it has issued licenses to projects with over 16.5 billion birr combined capital in the first quarter of this Ethiopian budget year.

EIA Corporate Communication Senior Public Relations Expert, Aschalew Tadesse, told WIC today that the licenses were issued to 220 investment projects.

Manufacturing industry, agriculture, construction, hotel and tourism are among the areas where the investors were licensed to engage in, according to the expert.

The number of projects licensed and their registered capital increased by 87 projects and close to 5 billion birr compared to same period the previous budget year, he said.

Aschalew attributed the increase to the various supports and inspection by the agency.

In a related development, the agency revoked licenses of 306 investors who did not fulfill their duties, he said.