9 July 2017

Ethiopia: Parliament Approves $860m Loan Agreements

Photo: Addis Fortune
Ethiopia's parliament.

Parliament has approved the 859.6 million dollar loan agreements the Ministry of Finance & Economic Cooperation (MoFEC) secured to finance road, industrial parks, small business enterprises, and wind power projects from different donors and borrowers last month.

The Ministry signed a 50 million dollar donation agreement with the Arab Bank for Economic Development and OPEC Fund for International Development in Africa to finance the Shambu-Agamsa road upgrading project on May 24, 2017.

The Export-Import Bank of China has provided a 262.2 million dollar loan for the design and building of the Adama Machinery & Equipment Manufacturing Industrial Park.

A loan agreement of 79.8 million dollars was also signed between the Ministry and the European Investment Bank for the development of Small & Medium Enterprise (SME) projects on May 16, 2017.

MoFEC also signed 218.6 and 171 million dollars in loan agreements with the Export-Import Bank of China to finance the Aysha Wind Power Project, and the Arsi Negele-Hawassa section of the Modjo-Hawassa Highway project, respectively, on May 12, 2017.

A loan agreement of 62.2 million dollars was also signed between the government and the African Development Bank (AfDB) to support the One Water, Sanitation & Hygiene National Program (OWNP).

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