Ethiopian Investment Holdings and Great Horn Investment Holding Sign MoU Regarding Oil Facility in Djibouti
Posted on 05/06/2022
Ethiopian Investment Holdings and Great Horn Investment Holding have signed a Memorandum of Understanding (MoU) to co-invest in petroleum storage facility in Djibouti. This is the first of a series of investment undertakings that will help relieve one of the major constraints of Ethiopia’s and the region’s economy. The MoU explores joint opportunities for the development of an oil storage facility in Djibouti’s Damerjog Industrial Park.
The new initiative is critically important to ensure a sustainable oil supply to Ethiopia’s oil demand which roughly increases by 10% every year.
Great Horn Investment Holding (GHIH) is playing a central role in transforming Djibouti into a major economic hub for East Africa. It was established by Djibouti Presidential decree in 2016, with a fixed capital of 15 billion Djiboutian Francs (US$ 85 million). It is wholly owned by Djibouti Ports and Free Zones Authority (DPFZA).