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Ethiopia sign finance agreement with Arab bank

The federal democratic republic of Ethiopia today signed us $15 million (approximately ETB 328.8 million) financing agreement with the Arab bank for economic development in Africa (BADEA) in the form of loan to finance the upgrading of Hamusit-Estie Road project at the ceremony held at BADEA’s headquarter in Khartoum, Sudan.

The project will upgrade the existing gravel road of 76.8 kilometers length to bitumen surfacing road standard, running from Hamusit town to Esti town, both in southern Gonder zone of Amhara national regional state. The project is expected to benefit the surrounding population through better transport infrastructure, reduced travel time, and improved access to markets. The project falls in the line with the government’s aim to accord high priority to the expansion and rehabilitation of the network of the national roads. The project is expected to be co-financed by the OPEC fund for international development(OFID) and the government of Ethiopia.

H.E. Mr. Abdulaziz Mohammed, Minister, ministry of Finance and Economic cooperation and Dr. Sidi ould TAH, Director General of the Arab Bank signed the agreement on behalf of the Ethiopian government and BADEA respectively.