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Ethiopia Signed Financing Agreement with the OPEC Fund for International Development

Ethiopia Signed Financing Agreement with the OPEC Fund for International Development
 
The Federal Democratic Republic of Ethiopia signed US$ 30 Million (Approximately ETB 684 Million) Financing Agreement with the OPEC Fund for International Development in the form of Loan to finance the upgrading of Shambu-Agamsa Road Project at the ceremony held at Washington DC, on the sidelines of 2017 Spring Meetings of the IMF and the World Bank Group.

The project will upgrade the existing gravel road of 95 kilometers length to bitumen surfacing road standard, running from Shambu town to Agamsa, town in Central-Western Region of Oromia. The project will connect Shambu towen, Leku, Cheber, Sekela, Dimbe, Lafto boche,Bone, Jardega, Alibo, Obera, Harogudina and Agemsa towns. It is expected to benefit the surrounding population through better transport infrastructure, reduced travel time, and improved access to markets. The project will be co-financed by the OPEC Fund for International Development (OFID) together with the Arab Bank for Economic Development in Africa and the Government of Ethiopia.

H.E Dr. Abreham Tekeste, Minister, Ministry of Finance and Economic Cooperation and Mr. Fuad Albassam, Assistant Director General of the OPEC Fund signed the agreement on behalf of the Ethiopian Government and OPEC Fund for International Development respectively.