Economic Development
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Foreign Credits
Nov. 03, 1959
... As we commented at the beginning of the year, "...capital and labour are necessary ingredients
for wealth and prosperity and...these two factors are absolute essentials for the economic
development of Our country...'.  Although Ethiopia possesses abundant natural resources, vast
amounts of capital, far in excess of our present means, are needed to develop and exploit these
resources for the good of Our people.  It was with this in mind that We acquired credits from
friendly countries such as the United States of America, Yugoslavia, the Federal Republic of
Germany, the Union of Soviet Socialist Republics, and the Republic of Czechoslovakia.

For the purpose of implementing these credits and commercial agreements, numerous missions
have been sent and received during the past year.  It was with particular gratification, therefore,
that, on Our return form Our state visits to Europe, We were able to announce the granting to
Ethiopia by the great and friendly Union of Soviet Socialist Republics of a four hundred millon
rouble loan.  This form of assistance will be invaluable to our progress and should be deeply
appreciated by Our people.  We should all realize that all of such substantial contributions of
capital represent years of untiring labour, of strict discipline, and of self-denial on the part of those
nations who have thus come to our assistance.  We must all recognize that these loans and credits
call for those same attributes from us in yet greater measure....

... In the field of commerce, an agreement has just been concluded, with the United Arab Republic
following the arrival of a special mission for that purpose.  A mission from the Federal Republic of
Germany has recently arrived to discuss the implementation of the credit agreement with that
country, and missions are shortly expected from the Union of Soviet Socialist Republics and the
Republic of Czechoslovakia to discuss projects and methods of implementing the credits so
generously offered.  Negotiations are at present being pursued with officials of the Development
Loan Fund of the Government of the United States of America to permit the financing of yet other
programmes.  An economic commission from Italy is expected to arrive in Our Capital in the near
future....
Haile Selassie the First - November 3, 1959
Chapter IX