The Economy of Eritrea has experienced significant growth in recent years, indicated by an improvement in Gross domestic product (GDP). Eritrea has abundant resources such as copper, gold, granite, marble, and potash. The agricultural sector has improved with the use of modern farming equipment and techniques, and dams.
The country is a proud member of the African Union, the United Nations and IGAD, and is an observer in the Arab League. In recent years, Eritrea has taken on the role of becoming the first country in the world to turn its entire coast into an environmentally protected zone. The coast is 1,347 km (837 mi) and will come under governmental protection.
Mining in Eritrea
Eritrea’s government shows strong support to the development of mining and is regarded as a vital sector of its national economy. Lately the most influential aspect for economic growth has been the strong performance of the Eritrea’s mining sector. The country’s economy is expected to grow much more thanks to the production of gold.
Banking in Eritrea
Eritrea is largely an agriculture based economy. The country’s economy predominantly consists of: Industry – food processing, beverages, clothing and textiles; Agriculture – Sorghum, lentils, vegetables, corn, livestock and fish; Exports – Livestock, sorghum, textiles, food, small manufactures. The currency used in Eritrea is the Eritrean nakfa.
Oil and Gas in Eritrea
Eritrea’s Oil and gas exploration in the Red Sea first ever began in the 1930’s and the country only began awarding production contracts in 1995. The country’s downstream sector is highly important and sees the import of refined petroleum products amounting to 18,000 barrels per day.
Engineering in Eritrea
As a means to reduce maximum poverty, Eritrea embraced that in order to do so the country had to focus on the isolation and lack of road links as substantial constraints to poverty alleviation. The government of Eritrea comprised an engineering plan consisting of a feasibility and environmental impact assessment to determine appropriate design and construction standards of roads and the upgrading road tracks, detailed engineering designs for the agreed civil works, a national bridge condition and structural.