Ethiopia, AfDB sign two agreements amounting $128.46 mln

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Addis Ababa, 6 December 2013 (WIC) – Ethiopia and the African Development Bank (AfDB) today signed loan and grant agreements amounting 128.46 million US dollars.


Some 126.02 million US dollars (approximately 2.35 billion birr) of the total 128.46 million US dollars is in the form of loan, while the remaining 2.44 million US dollars (approximately 45.49 million birr) is a grant.


According to the agreements, the fund will be used to finance the construction of the first phase of Modjo-Hawassa highway project (Modjo-Zeway) Lot 1-Modjo-Meki section.
The agreements were signed by Finance and Economic Development Minister, Sofian Ahmed, and Resident Representative, Ethiopian Country Office, AfDB, Josephine Ngure.  
Minister Sofain Aheme on the occasion said that the agreements are testimonies of AfDB’s interest to assist Ethiopia’s economic growth.
Josephine Ngure on her part said that AfDB will continue supporting Ethiopia’s development efforts.
The road project will be executed in two phases and will be financed the government of Ethiopia, the African Development Bank and the Korean Exim Bank.
When the project is completed, carriers, travelers, traders, agro-businesses, and other will benefit from an improved road connection and access the southern regions of Ethiopia, it was noted.  

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