Ethiopia, Japan sign 89 mln USD financing agreement


Ethiopia, Japan sign 89 mln USD financing agreement
Ethiopia, Japan sign 89 mln USD financing agreement

The Federal Democratic Republic of Ethiopia and the government of Japan signed a 89 million USD financing agreement to be used on “Ethiopia Integrated Transport Program Phase Jimma-Chida Road Section” project.

The agreement was signed by Admasu Nebebe, State Minister of Finance, and Daisuke Matsunaga, Ambassador of Japan to Ethiopia, at the premises of Ministry of Finance.

On the occasion, Admasu Nebebe said that the loan agreement for Jimma-Chida and Sodo-Sawla road upgrading project from gravel road to asphalt concrete will boost connectivity. In addition to improving connectivity, the project will help reduce transport cost and travel time, and improve access to social and economic facilities. In turn, this is expected to improve agricultural production and marketing, and ultimately improve welfare of people, he added.

While the two countries enjoy longstanding economic cooperation, and strong partnership, the major focuses of development support from Japan have been on infrastructure development, agricultural productivity, human development as well as private sector development.

Ethiopia has strong interest to further boost the cooperation, Admasu continued, and the two governments need to jointly explore and engage in new and innovative financing initiatives and move beyond the conventional modalities.

Ambassador Daisuke Matsunaga, for his part, said that the implementation of this project was pledged during TICAD 7, and this is one of Prime Minister Abiy’s achievements during his visit to Japan. This project is expected to improve road connectivity, and help further facilitate and accelerate exports. He indicated that the project will also contribute to the acquisition of foreign currency.

The government of Japan has been actively supporting the development of Ethiopia, he said before adding that Japan will continue to supportEthiopia’s development endeavors through various Japanese assistance projects, as well as through other modalities of assistance.

Moreover, Director General of Ethiopian Roads Authority, Eng. Habtamu Tegegne, who was present at the signing, said that this is the very critical corridor, as the area is source of coffee, and it will further help to export products easily. He also stated that the project will expected to be commenced during this fiscal year.

The Ethiopian Herald November 27/2019


Like it? Share with your friends!

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
Solomon Yimer

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format