Ethiopia: MOF Acknowledges AfDB, Calls for Steady Support

4 December 2024
The Ethiopian Herald (Addis Ababa)
By Meseret BEHAILU

- The Ministry of Finance (MoF) praised the African Development Bank for its contribution to Ethiopia's economic progress and urged the bank to continue supporting the nation to realize prosperity.

Finance State Minister, Semereta Sewasew acknowledged African Development Bank (AfDB) for backing Ethiopia's notable economic improvements as the bank celebrated its 60th anniversary themed: "60 Years of Making a Difference."

According to Semereta, the bank has been providing Ethiopia with valuable support to expedite development projects over the past many years. Accordingly, AfDB supported 230 projects including 39 transformational, 21 sectorial, 38 power transmission, and 66 agriculture projects since its inception.

She also expressed that the bank is engaged in the construction of schools, roads, sanitation and potable water supply, rural development projects, among others.

Currently, AfDB is supporting the construction of an 800 km road project which designed to deepen regional integration and market linkage, the State Minister expressed.

African Development Bank Group Deputy Director General, Leandre Basole (PhD) said that the bank has been providing supports to Ethiopia in particular and the African continent in general.

He stressed that the support will encourage ensuring prosperous Africa in the years to come.

The Bank has been active in Ethiopia since 1975, and the Bank Group approved 3,796 operations (loans and grants) totaling 96 billion USD. Besides, the Bank's support through the African Development Fund (ADF) during 2010-2022 has contributed to Ethiopia's ambitions of developing a prosperous, resilient, and inclusive economy, he added.

Basole further stated that the bank has supported over 2.1 billion USD to the construction of infrastructures like the Jimma-Mizan, Mombasa-Nairobi-Addis Ababa, Bedele-Metu Road, and Modjo-Hawassa road projects.

In the energy sector, he noted that the bank funded some 2,020 km of transmission lines and 7,851 km of distribution lines through projects like the rural electrification II, electricity transmission system improvements project, Ethio-Kenya electricity highway, and the Addis Ababa power and distribution system rehabilitation and upgrading project.

Likewise, AfDB assisted Ethiopia's basic service, water sector, sanitation, health centers, rural water supply, and the likes, according to the Deputy Director General.

Ethiopia has launched the 10-year development plan spending 338.6 billion USD to improve infrastructure services, with ADF resources estimated at 885 million USD, he mentioned, adding AfDB's commitment to evolve to meet the dynamic needs of the continent.

Read the original article on Ethiopian Herald.

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