Ethiopia signed two loan agreements worth USD 25 million with the Arab Bank for Economic Development in Africa (BADEA) and the Saudi Fund for Development (SFD) this past Thursday. Ethiopia and Saudi Arabia has also signed double taxation avoidance agreement with the Kingdom of Saudi Arabia on the same date.

The loan agreement is to finance rural electrification projects in Gode-Kebridehar aimed at providing electricity to remote areas in the Somali Regional State of Ethiopia.

Finance and Economic Development Minister Sufian Ahmed and Minister of Finance of Saudi Arabia, Dr. Ibrahim Abdulaziz Al-Assaf and Chairman of Boards of Directors of the BADEA and the Saudi Fund for Development, Eng. Yousef Ibrahim signed the agreements.

Finance minister Sufian said the double taxation avoidance agreement will contribute to attract foreign capital, promote domestic productivity. The agreement will help create suitable environment for investment and economic growth between the two countries, he said.

Source: ENA