The United Arab Emirates has pledged a sum of 3billon US dollars aid and investments in Ethiopia as UAE Crown Prince Sheikh Mohamed Zayed arrived in Addis Ababa for an official state visit on Friday. The two countries have also agreed to strengthen ties in different areas.

1 billion USD will be deposited in the National Bank of Ethiopia targeting at easing sever foreign currency shortage while the remaining 2billion USD will serve to finance various investments in the country, according to Ahmed Shide Minister of Ethiopian Government communication Affairs. Both countries also signed memorandums of understanding (MoUs) in the areas of culture, tourism, economy, consular affairs and other related aspects.

The economic cooperation was signed between the two countries to promote all forms of economic cooperation. The pledged investments include the development of modern hospital buildings, housing constructions, big malls hotels and many others.