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Ethiopia Receives $1.69 Billion in Loans

Written by Meron Tekleberhan Tuesday, 12 February 2013 13:38

Ethiopian Business News - Banking and Finance

Ethiopia has received 1.69 billion US dollars in loans and grants in the last six months of the current budget year said Tewdros Adhanom, Ethiopian Minister of Foreign Affairs.

Most of the financing, an estimated 1.04 billion, was obtained from bilateral sources and the remaining funds from multilateral financial sources he said in his report to the House of Peoples Representatives.

The nation has also acquired 976.8 million US dollars from donors and creditors in this period according to Tewdros. Donors in this period included England, Italy, United States, the European Union, Germany, Czech Republic, Norway, and the Netherlands read the report he presented.

The country has also secured above 1.15 billion from the World Bank over this period to finance basic social services like education, health and economic infrastructure including roads said Tewdros.

The Ministry of Foreign Affairs has raised more than 3 million US dollars in the last six months with 2.7 million US dollars raised from the sale of bonds.

Source: Capital