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.