Ethiopian government signs multi-million dollar loan agreement

Addis Ababa city imageThe government of Ethiopia has signed a US$251mn loan agreement with the African Development Bank (AfDB) to aid them with financing basic services in the country

The African development fund loan will support expanding access and improvements to the quality of decentralised basic service delivery, primarily in the areas of education, health and agriculture.

As part of working towards achieving the Millennium Development Goals (MDGs) set out for Ethiopia, Ahmed Shide, state minister of finance and economic development, and Lamin Barrow, AfDB resident representative in Ethiopia, sealed the deal for loan support in July 2012.

Speaking at the ceremony held for the promoting basic services phase III programme, Ahmed Shide, praised the bank’s contributions, that had helped support basic services in crucial areas of development, such as infrastructure, as well as its determination in improving the quality of basic necessities for the Ethiopian people.   

The Ethiopian government said it planned to use the loan to improve the system in place for public financial management, transparency and social accountability systems.  

Following the death of Ethiopian prime minister, Meles Zenawi, it has been hoped that this extra funding will help the current government continue his economic legacy.

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