AfDB and Ethiopia Signed 2 Billion Birr Finance Agreement

African Development Bank (AfDB) and Ethiopia concluded a financing agreement of 2 billion Birr. The agreement was signed on January 30, 2015. Out of the entire 2 billion Birr, 65 percent of it was extended as grant while the rest 780 million was loan.

The money obtained via loan and grant is expected to be used for Jimma – Chida and Sodo – Sawula Road Upgrading projects. The roads that stretch for 220 kilometers are going to be upgraded to all weather high standard asphalt – concrete road.

The route of roads is going to be from JImma City to Chida and Sodo to Sawla. The routes are said to connect the cities of Jimma and Sodo directly and also connect Sawula to the main trunk road network.

The finance agreement was signed by AfDB Director General Easter Africa, Gabriel Negatu, and Minister of Finance and Economic Cooperation, Dr. Abraham Tekeste.

Speaking at the ceremony, Abraham said the4 projects would benefit small holder farmers, agro businesses, transporters, and women entrepreneurs.

Ethiopia planned to expand as well as modernize its road network in order to serve key sectors of rapidly growing economy, the Ministry added.

Gabriel on his part reminded that AfDB has been Ethiopia’s major development partner who engaged in the support of expanding major infrastructure in the Horn of Africa nation.

The current project was a further indication of the bank`s commitment to continue its engagements in the country’s infrastructure development, Gabriel added.

Source: Ethiopian News Agency

Exchange Rates

Selling Buying
USD US 27.6813  27.1385 
GBP UK 36.6611  35.9341 
EUR EU 32.5144  31.8742 
CHF CHE 28.0005  27.4403 
CAD CA 21.7074  21.2718 
AED UAE 7.5366  7.3886