25 January 2014

Ethiopia: Parliament Approves Loan Agreements Worth USD Half a Billion

The House of People's Representatives approved loan agreements worth USD half-a-billion on Tuesday, secured from various international financiers for the implementation of vital countrywide projects.

The major project areas include road construction, education, sustainable land use management and development schemes.

The financing agreements that were signed by the Ministry of Finance and Economic Development (MoFED) and various international institutions, notably the OPEC Fund for International Development (OFID), the Bank of Arab Development and Economic for Africa (BADEA), the Saudi Development Fund (SDF), the International Development Association, and the African Development Bank (AfDB).

According to MoFED in documents presented before the House, the loans are to finance projects such as Modjo-Hawassa highway, the Arba Rakati-Gelemso Micheta road, the Second General Education Quality Improvement Project II, and the Sustainable Land Use Management Project II

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