The Council of Ministers has approved Ethiopia’s Power Purchase Agreement with CORBETTI, a digital transformation strategy, and the second Commercial Code today.
The Power Purchase Agreement with CORBETTI is reached after many years work to create effective legislation such as PPP, Geothermal and Energy proclamations to support foreign direct investment and private sector participation for investment and technology transfer in Ethiopia, Prime Minister Abiy Ahmed wrote on his Facebook.
According to him, the agreement would enable Ministry of Water, Irrigation and Energy, Ethiopian Electric Power and Ethiopian Economic Association, and CORBETTI and TULU MOYE companies to develop a total of 300MW geothermal power as public-private partnership.
“The geothermal sector and skills in Ethiopia would tap into green, clean and renewable energy source to increase energy capacity, security and reliability,” he said, adding that “geothermal would also provide great baseline constant output power to support our industrialization and continued economic growth.”
The digital transformation strategy, which is a centerpiece of government’s effort to drive inclusive growth through innovations and digitalization,will improve interconnectivity of kebele’s to woreda’s, develop digital knowledge, provide support for the tourism sector, and empower the technology sector, Abiy noted.
Moreover, the strategy will support the ongoing reform efforts on ease of doing business by increasing the capacity of the public sector to provide digital services that enable faster growth of the digital economy in the country and modernize the way of doing business across the public and private sector.
The adoption of a new Commercial Code, after half a century of the existing first Commercial Code, is a significant milestone in the endeavor to modernize and reform the legal system, he added.
The second Commercial Code is geared towards spurring innovation and enterprise, which are essential in the aspiration to build a prosperous society.