The Ethiopian Olympic Committee (EOC) has announced they are hoping to raise 43 million birr (£1.4 million/$2 million/€1.9 million) which will help to cover their costs for the Rio 2016 Olympic Games.
To help secure the funds, which will be put towards flights, hotels and transportation throughout the city, the EOC revealed they are looking to secure title sponsors.
"With the advice we got from the International Olympic Committee (IOC) the best way to secure this huge sum is through title sponsors,” said Girma Zewdu, an EOC Executive Committee member.
“Of course, we expect the Government to take the lion share in the bid to collect the 43 million birr.”
The EOC revealed their target of 12 medals, including four gold, four silver and four bronze, for its athletes at Rio 2016 during April.
Ethiopia fell short of the same target at the London 2012 Olympics, where they claimed seven medals in athletics, while the country has won a total of 45 across the 12 Games it has participated in since Melbourne 1956.
However, the EOC are confident they will be able to achieve their aim next year with athletes already having qualified in boxing and cycling as well as athletics.
The country are also set to take part in taekwondo for the first time at an Olympic Games, fresh from the back of Nardos Chifra’s gold medal success in the women’s under 46 kilogram finweight division at the 2015 All African Games in Brazzaville, Congo.
"We closely evaluated the way the Ethiopian World Taekwondo Federation has carried out the preparation for the All Africa Games, the training was up to the world standard,” said Zewdu, who acts as the EOC’s treasurer.
“The Federation had over ten-months preparation for the continental big games, we are hopeful that they are likely to get medals even at the Olympics."
In addition to aiming to raise funds ahead of the Games, the EOC revealed they have plans to establish an exhibition centre in Rio during the Games to promote and improve the reputation of the country.