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Located in the horn of Africa Africa, Ethiopia is home to more than 91 million people, and less than 30 percent of the population has access to electricity. Under the Growth and Transformation Plan, the country’s government aims to boost energy potential through recent construction projects.
Thanks to an investment partnership between a French firm and the government, Ashegoda Wind Farm was opened at the end of October 2013. The 52 MegaWatt farm is estimated to cost slightly over 200 million euros.
Have you heard of the Grand Renaissance Dam?
Though the structure’s estimated year of completion is 2017, it hasn’t stopped the $4.7 billion project from making headlines. Announced in 2012, Grand Renaissance will be Africa’s largest. It will rest along the Nile River and run between Egypt and Ethiopia. If executed, this could be two milestones marked for the East African country’s development, but debate about the dam’s potential effect on the water supply of neighboring Egypt has halted construction.
Zimbabwe’s central bank announced Wednesday it would accept the Chinese yuan and three other Asian currencies as legal tender as economic relations have improved in recent years.
Exporters and the public can now open accounts in yuans, Australian dollars, Indian rupees and Japanese yens, Dhliwayo said. Zimbabwe abandoned its worthless currency in 2009.
It accepts the US dollar and the South African rand as the main legal tender. Their use has helped to stabilize the economy after world-record inflation threw it into a tailspin.
Independent economist Chris Mugaga said the introduction of the Asian currencies would not make a huge difference to Zimbabwe’s struggling economy.
“It is Zimbabwe’s Look East Policy, which has forced this, and nothing else,” he said.
President Robert Mugabe has sought to boost economic relations with Asia after his relations with the West came under strain over his policy of seizing white-owned farms.
Chinese investors have over the past two decades entered diamond mining, construction and retail sectors in the south-east African country.