Ethiopia and Italy have signed a Euro 70 million long term loan agreement to support domestic economic reform and development projects.

The agreement was signed by Finance Minister Ahmed Shide and Italian Ambassador to Ethiopia Sem Fabrizi.

Speaking at the signing ceremony, Ahmed said the agreement reflects the partnership between Ethiopia and Italy and builds on the two countries’ long-standing relations. He noted that the financing is part of cooperation frameworks previously agreed between the two sides.

According to the minister, the loan will support Ethiopia’s ongoing national economic reform measures and contribute to the implementation of development priorities.

Ahmed also said Ethiopia has completed the second phase of its macroeconomic reform program. He recalled that the World Bank had approved budget support for the third phase of reform implementation.

The minister thanked the Italian government for its financial support and continued partnership in Ethiopia’s development and economic reform efforts.

Source (including image): Ethiopian News Agency