ADDIS ABABA, Ethiopia — Ethiopian sport club, Saint George Sport Club, and Chinese company, China Jiangxi Corporation for International Economic and Technical Corporation (CGCI), signed on Friday an agreement that enables the Company to construct a modern stadium in Ethiopia.
The new stadium to be constructed in Addis Ababa will be named after the Ethiopian born business tycoon Sheik Mohammed Hussen Ali Almoudin, who is a patron of the sport club.
Almoudin has covered 80 percent of the total cost of the project which is close to 18.3 million U.S. dollars.
Abnet Gebre-Meskel, Saint George Sport Club board chairman, and Zhou Feng, CGCI Ethiopia office chief representative, signed the accord at a function organized in Sheraton hotel in Addis Ababa, capital of Ethiopia.
In signing the agreement, the board chairman said preparation has been finalized to launch the project in two months time.
Gebre-Meskel said tremendous efforts had been employed to have a modern stadium in the name of the club, adding the long time dream of the club having its own stadium has now been realized.
Gebre-Meskel also extended thanks to the Addis Ababa city administration for providing a plot of land at a place called Ayat Village in east of Addis Ababa.
It was noted on the occasion that 80 percent of the total cost is covered by the business tycoon while the balance will be done by the fund secured from fans of the club and the public at large.
The club said it was going to organize different fund raising activities to get its financial need fulfilled.
The stadium is going to have seats capable of holding over 22, 000 spectators at a time, excluding VIP reservations.
The contractor company, CGCI, which has excellent experience in the construction center, has built two modern stadiums in Djibouti.
The company has also carried out a number of projects in different countries including Namibia, Botswana and many others.
Zhou Feng told Xinhua that lighting equipment, chairs and other facilities will be brought from China.
Zhou said the project is a turn key and the also a platform to go out of Africa, going to the world.
The project, which incorporates stadium, meeting halls and centers for various activities, is said to be completed within 24 months.
When the project is completed after two years, Ethiopia will have a stadium the first of in kind, and be able to host big international games and competitions.
The project also enables the club to have meeting venues and centers for various activities.