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Jan Mikkelsen, IMF Resident Representative to Ethiopia said, Ethiopia’s foreign reserve, which could cover less than two months of the country’s import bill as of last September, has now improved to cover more than two months of import bill. Add a comment Add a comment

The Ethiopian House of Peoples Representatives approved two loan agreements totaling USD 479 million appropriated for regional infrastructure development on last Thursday before it goes on for recess.The House approved the loan agreements extended by the International Development Association (IDA) to finance almost half the project cost to develop the East African Regional grid line, and a USD 236.4 million loan from African Development Fund (ADF) to partly finance the the Ethio-Kenya High Voltage Transmission grid line. The loan agreement accrues zero interest rate and will be due in 40 years including the grace period.

FloSec, a swiss based company unveiled a technology for tracking goods and securing commercial transaction documents on Wednesday February 6th Hilton Addis, Ethiopia. Representatives of The Djibouti Port (DP), Ethiopian Government officials and representatives from the privates sector were present on the occasion.

Allana Potash Corp, a Canadian Company and  Ethiopian Agricultural Transformation Agency signed a memorandum of understanding to introduce and promote the use potash fertilizer in Ethiopian sector. The agreement which last for three years and worth around USD 800,000 is geared towards facilitating trails and popularization of potash fertilizers in Ethiopia.

On the occasion, Khalid Bomba, CEO of the Ethiopian Agricultural Transformation Agency signified the importance of the agreement for small holder farmers saying, “providing and popularizing a full range of soil nutrients to Ethiopia's small-holder farmers is essential to helping them realize the full production and profit potential from their farming lands.”