Growth causes donors increase assistance

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Addis Ababa, 30 June 2014 (WIC) - Ethiopia’s rapid and sustainable economic growth is the leading cause for development partners to increase credit and assistance, the Ministry of Foreign Affairs said. 

According to American Affairs Director with the Ministry, Taye Atsikesilase, Ethiopia has been experiencing rapid and consecutive economic growth over the past decade.

The success is because of the introduction of effective policy and strategies conducive for investment and trade, he said.

He noted that this consecutive development has paved the way for development partners increase assistance to Ethiopia. 

“Currently, many countries in the world are interested to create friendship with Ethiopia" the Director said, adding this fact is making the country a desired destination for brand companies.

The country has secured 2.6 billion USD assistance from development partners in the form of loan and grant during the previous budget year alone.   

Of the total assistance 1.5 billion USD was secured in the form of loan, while the balance was in credit.

The assistance the country has received during the reported period has shown a 9.3 percent increase compared to the previous fiscal year.

The governments of China, France, India, UK, Italy, Germany, Austria, Canada, Kuwait and Saudi Arabia are among the major donor countries.

According to ENA, the International Finance Institute, African Development Bank, Arab Bank for African Development, European Investment Bank, World Bank and International Development Association are major institutions that support the development activities in Ethiopia.