- Ethio Engineering Group to Replace MeTEC
ADDIS ABABA – The council of ministers has approved on Thursday a cooperation deal with Russia on the peaceful use of nuclear energy.
Ministry of Science and Innovation, which presented the draft document for discussion, says the agreement would facilitate for the two nations to cooperate in the peaceful use of nuclear as per the 1968 non-proliferation treaty.
Addis Ababa and Moscow signed the agreement in Oct. 2019 on the sidelines of the Russia-Africa Summit in the Russian resort city of Sochi.
The agreement will create a legal basis for cooperation in the use of nuclear energy, including Russia’s assistance in the establishment and development of Ethiopia’s nuclear infrastructure facilities, nuclear storage sites, among others.
“After thorough deliberation, the council of ministers has directed the document to the house of peoples representative for ratification,” says the Prime Minister Office of Ethiopia in a statement.
Thursday’s council of ministers meeting also approved a draft regulation for the restructuring of the Metals & Engineering Corporation (MetEC).
The document will now allow for the corporation to start anew under the name Ethio Engineering Group.
The group will administrate major companies engaged in manufacturing automotive, construction machinery plants, and more as part of government’s bid to make them profitable.
The companies that were owned by MeTEC, which is heavily in debt, have lost consumers and public trust. Authorities believe restructuring the company as a last resort for rescuing the company from its flurry of financial crises.
The PM office said, “after deliberating and adding some inputs to the document, the ministers decided for it to become effective after its publication” on Federal Negarit Gazeta – the official federal government law Gazette for the publication of all Federal laws.