Ethiopian Council of Ministers Approved the Power Purchase Agreement with CORBETTI Geothermal

In his face book press release, Abiy Ahmed Ali (Phd), Prime Minister of Ethiopia, announced that his cabinet has discussed and approved the Power Purchase Agreement with CORBETTI geothermal.

The statement further reads,

The conclusion of the Power Purchase Agreement with CORBETTI comes after many years work from the Government to create effective legislation such as PPP, Geothermal & Energy Proclamations to support foreign direct investment and private sector participation for investment and technology transfer in Ethiopia. Ministry of Water, Irrigation and Energy's EEP, EEA on one hand & CORBETTI and TULU MOYE companies on the other will develop total of 300MW Geothermal Power as Public Private Partnership.The Geothermal sector and skills in Ethiopia to tap in to this green, clean and renewable energy source to increase energy capacity, security and reliability of Ethiopia. Geothermal provides great baseline constant output power to support our industrialization and continued economic growth.

In the same session, the cabinet has approved the draft Ethiopia’s Digital Transformation Strategy, the draft digital transformation strategy and Ethiopia’s 2nd commercial code.

The digital startegy is dubbed as a centrepiece of government’s effort to drive inclusive growth through innovations and digitalizations. It will improve interconnectivity of kebele’s to woreda’s, develop digital knowledge, provide support to the tourism sector, and empower the technology sector as a whole. Moreover, it will support ongoing reform efforts on ease of doing business by increasing the capacity of the public sector to provide digital services that will enable faster growth of the digital economy in our country and modernize the way of doing business across the public and private sector.

The new Commercial Code is geared towards spurring innovation and enterprise which are essential in Ethiopia's aspiration to build a prosperous society. The adoption of a draft Commercial Code, half a century after the adoption of the existing Commercial Code, is a significant milestone in Ethiopia's endeavour to modernize and reform the legal system.

Source: Abiy Ahmed Ali(Phd), Prime minister of Ethiopia (FB)

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