World Bank and Ethiopia sign $320 million loan agreement for road project
ADDIS ABABA, March 18 (Xinhua) — Ethiopia and the World Bank on Tuesday signed financing loan agreement amounting to 320 million U.S. dollars for road supporting project.
Ahmed Shide, Ethiopian State Minister of Finance and Economic Development, and Guang Zhe Chen, WB Country Director for Ethiopia, signed the agreement at a ceremony.
The project aims to upgrade the 258 km road of Nekempte-Bure, which provides a strategic link between the Oromia and Amhara regions of Ethiopia, and it forms part of the regional road link to Sudan. Speaking during the signing ceremony, Ahmed said the project upon completion in 2019 would benefit about 600,000 people who live within the areas the road crosses, and ultimately consumers and producers that are based within the project areas.
“The Government of Ethiopia appreciates the World Bank’s efforts so far not only for its substantial support to our development endeavor but also for its leading role in bringing together other development partners to support development effort of the country,” he said.
Guang Zhe Chen, WB Country Director for Ethiopia, noted that the project is a clear indication of WB’s continued commitment to supporting Ethiopia’s effort to develop its roads network.
According to WB’s press statement, the total cost of the project is 385 million dollars of which the Government of Ethiopia contributes an amount of 65 million dollars.
Source: Shanghai Daily