28 November 2012

Ethiopia Signs Grant Agreement With EU

Ethiopia signed a grant agreement of 35 million Euros with the European Union yesterday (November 28th).

The grant covers aid for implementation of the Growth and Transformation Plan through the Transformation Triggering Facility (TTF) which is designed to support selected activities. The agreement was signed by Ethiopia's Finance and Economic Development Minister, Sufian Ahmed and the EU's Director of East and Southern Africa and ACP Coordinator, Francesca Mosca. Speaking at the occasion, Ato Sufian said exports and investments in selected value chains, including leather and leather products, textiles, agro-processing and pharmaceuticals would be enhanced through technology transfer and market development using the TTF.

The TTF, he said, would also assist in creating more jobs, promoting innovation and entrepreneurial skills and supporting Ethiopia in the attainment of its vision of providing medical and aviation hubs for Africa in the short to medium term.

Francesca Mosca noted that the TTF would contribute towards achieving the Growth and Transformation Plan and the project would also support Ethiopia's plan to become a middle-income country by 2025.

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