Nov. 9 (Bloomberg) -- China has loaned Ethiopia $349 million for the construction of a 79-kilometer expressway between the capital Addis Ababa and Adama, the Ethiopian News Agency said.

China Road and Bridge Corp. will start building the road next year, the government-owned news service said, citing an agreement between Li Ruogu, president of China’s Export Import Bank, and Ahmed Shide, Ethiopia’s state minister of finance and economic development.

In addition to roads, Chinese companies have signed deals to build dams, power lines, and upgrade Ethiopia’s telecommunications network in recent years.

To contact the reporter on this story: Jason McLure in Johannesburg at jmclure@bloomberg.net

Last Updated: November 8, 2009 23:18 EST