23 November 2012

Ethiopia: Parliament Ratifies Loan Accords

Addis Ababa — The House of People's Representatives yesterday ratified a loan agreements signed with the International Development Association (IDA) and the African Development Bank (AfDB) to support the Promoting Basic Services Project Phase III (PBS-Phase III).

Ethiopia signed 600 million USD and 250.7 million USD financial agreements with IDA and AfDB respectively in 2012.

Acting_Government_Whip_with the Rank of State Minister, Wondimu Gezahegn said the money would be utilized to improve access to basic services such as education, health and clean water services as well as rural road development in states.

He said expanding access to basic services will enable the country to boost its economic and social development.

Earlier, IDA had provided 1.462 billion USDin credit to support the PBS Phase I and II Programmes.

The Project aims at expanding access and improving quality of basic services by funding block grants and by strengthening the capacity, transparency, accountability and financial management at state and local authorities level.

Also yesterday, the House ratified a loan agreement, with the Kuwait Fund for Arab Economic Development providing for the upgrading of the 106-kms Dessie-Kutaber-Tenta Road Project.

House Budgetary and Financial Affairs Standing Committee Chairperson, Wana Wake said the upgrading of the road will cost 60 million USD.

According to the agreement, the Fund will provide 25 million USD for the implementation of the project.

He said upgrading the road to asphalt level will be launched early 2013 and is expected to be completed within three years.

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