to central Ethiopia. The joint project construction is scheduled for completion in two years. Hailemariam continued with the ambitious projects like the Ethiopian Electric Power Corporation construction of the Grand Ethiopian Renaissance Dam, which was launched by his predecessor, Meles Zenawi. Financially, Hailemariam's government welcomed its first sovereign credit ratings from global agencies in 2014 – a B1 from Moody's and B ratings from both Fitch and Standard & Poor's, which opened the door to international capital markets and foreign direct investment. However, the foreign investment capital comes from China, which has committed hundreds of millions of dollars in loans and grants to assist the government-owned corporations’ ambitious initiatives, as well as other capital intensive projects like roads, bridges and railways. Resignation On 14 February 2018, Hailemariam Desalegn announced his resignation as prime minister and chairman of EPRDF in a televised address and submitted letter to the SEPDM and EPRDF, who finally accept the letter. His resignation made him the first leader to do so in the country's recent history. He stated that the resignation is "vital in the bid to carry out reforms that would lead to sustainable peace and democracy", linked to the 2014–2016 unrest in Oromia Region, in which hundreds were killed by government crackdown in Oromia and Amhara Region in between 2015 and 2016. Hailemariam's announcement came amid a political crisis and lingering unrest in the Horn of Africa country, which had been releasing thousands of political prisoners to ease tensions. "Unrest and a political crisis have led to the loss of lives and displacement of many," he added, however, that he would stay on as prime minister in a caretaker capacity, until the ruling Ethiopian People's Revolutionary Democratic Front (EPRDF) and the country's parliament accepted his resignation and elected Abiy Ahmed as the new Prime Minister on 2 April. Board membership Hailemariam is a member of the board of numerous international organizations such as International Crisis Group, Alliance for a Green Revolution in Africa, Tana High Level Forum on Security in Africa, Brenthurst Foundation, IBA Ethiopia Center for Innovation, and the Ethiopian Reconciliation Commission. Prime Minister of Ethiopia (2012–18); Chair, Ethiopian People's Revolutionary Democratic Front (2012–18); Deputy Prime Minister and Minister of Foreign Affairs (2010–12); Advisor to Prime Minister with the rank of Minister (2007-2010); Chair, African Union (2013–14); University lecturer and Dean, Arba Minch University for 12 years; Vice President and President of the