The International Finance Corporation (IFC) the investment arm of the World Bank has expressed interest in financing the planned Ethiopia-Djibouti fuel pipeline project.
The South Africa-based infrastructure investment group, Black Rhino, has proposed to the Ethiopian government to build a 550-km long Ethiopia-Djibouti fuel pipeline to transport diesel, gasoline and jet fuel from Djibouti port to central Ethiopia. The project is estimated to cost $1.5 billion. The Ethiopian government has reviewed and accepted the proposal in principle.
Backed by the US investment group Black Stone, Black Rhino has undertaken a feasibility study on the project, which is going to be the first fuel pipeline in Ethiopia.
Chief investment officer with IFC Kalim M. Shah said that IFC has an interest in financing the Djibouti-Awash fuel pipeline construction project. Shah said experts of IFC and executives of Black Rhino had discussions.
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“We have been in discussion with Black Rhino but the project is at its early stage. It did not progress to the point where I would have something to announce right now but definitely that is a project we are interested in financing. We are looking at it and had some deliberations with Black Rhino,” Shah said.
He said that it was too early to further comment on the project adding IFC was also looking at the textile, leather and cement industries in Ethiopia as well.
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