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Ethiopia Signs Financing Agreement with the African Development Bank

The Federal Democratic Republic of Ethiopia signed a Financing Agreement amounting to US$ 35 Million (approximately 780 Million Birr) in the form of Loan and US$ 57.5 Million (approximately 1.3 Billion Birr) in the form of Grant with the African Development Bank at a ceremony held at the Ministry of Finance and Economic Cooperation.

The proceeds from the Loan and Grant will be used for the Jimma-Chida & Sodo-Sawula Road Upgrading Projects, which aims at upgrading the existing 220 km road sections to all weather high standard asphalt concrete surfaced road. The construction includes the route from Jimma town to Chida and Sodo to sawla where it will connect the towns of Jimma and Sodo directly and further connect Sawula to the main trunk road network.

H.E. Dr. Abraham Tekeste, Minister, Ministry of Finance and Economic Cooperation and Mr. Gabriel Negatu, Director General, Eastern Africa, signed the financing agreement on behalf of the Government of Ethiopia and the African Development Bank, respectively.