The African Development Bank, AfDB, says it had taken initial steps to re-engage with Eritrea, a move that could lead to the resumption of lending.
The bank’s southern Africa boss, Kapil Kapoor, said the process will, however, depend on how quickly Asmara wants things to go.
Kapoor, who has a previous working relationship with Eritrea told reporters in South Africa that the AfDB was happy about the Ethio-Eritrea peace deal and that it was buoyant about investment opportunities in Eritrea.
Eritrea’s twin ports of Assab and Massawa are two underutilized facilities that are set to be given a new lease of life following the July 2018 peace deal.
The country had been virtually cut off from the financial world in the wake of its war footing with Ethiopia. The government has said it is doing all it takes to better the economic prospects after peace.
Eritrea also boasts a mining sector that has reported deposits of coal. The ports will also help Ethiopia with it in and outbound shipping which had previously been concentrated via the Djibouti route.