ADDIS ABABA, Dec. 28 (Xinhua) -- The Ethiopian House of Peoples' Representatives on Thursday ratified a 70 million Euro (83 million U.S. dollar) loan deal which will finance the construction of a modern abattoir in the capital Addis Ababa.

According to the report presented to members of the Ethiopian parliament, the new abattoir is expected to boost the east African country's exports of meat and meat products to the international market.

"The new abattoir is designed in cognizant of the ever increasing demand for modern, healthy and quality slaughterhouse, which will serve both local and international markets," the report read.

The 83 million U.S. dollar loan will fund Addis Ababa Abattoirs Enterprise's plan to finance the relocation and modernization of the enterprise by relocating the old slaughterhouse with a modern one.

The report also said that the current abattoir, which is located at the heart of Addis Ababa, has been serving residents of the capital for more than 60 years and has been negatively affecting the environment and its surroundings.

According to the Addis Ababa Abattoirs Enterprise, the facility, which is said to rest on a 20 hectare plot of land in the capital, will be finalized within four years period.

The planned modern abattoir will have five slaughter lines with a capacity of slaughtering 100 cattle in an hour and additional three lines that can slaughter 450 goats and sheep in an hour, it was indicated.

Ethiopia has only managed to achieve half of its target from meat export sub-sector during the 2016 / 2017 Ethiopian fiscal year, according to the Ethiopian Ministry of Livestock Development and Fisheries.

The ministry, which had an initial plan of exporting 38,600 tons of meat, was only able to export 19,779 tons.