Ethiopia, Arab Bank Sign Financing Agreement

1 Mon Ago
Ethiopia, Arab Bank Sign Financing Agreement

Ethiopian Ministry of Finance and the Arab Bank for Economic Development in Africa (BADEA) signed 49.5 million dollars financing agreement.  

The agreement is to co-finance the Productivity Enhancement Support for the Integrated Agro-Industrial Parks and Youth Employment (PESAPYE) project.

PESAPYE project is playing a key role in strengthening government’s efforts to enhance productivity and create employment opportunities in Ethiopia.

The project, which is currently supported by the African Development Bank (AfDB) and the Ethiopian government, focuses on four Integrated Agro-Industrial Parks. 

The agreement will support constructing an irrigation infrastructure spanning 8,000 ha within the Gidabo project area, covering Oromia and Sidama regions to enhance agricultural productivity and provide water resources critical for sustainable growth.

During the signing ceremony, Minister Ahmed Shide expressed his appreciation for BADEA's support and invited the BADEA President to join the Horn of Africa initiative—a regional development Platform that Minister Ahmed chairs.

The agreement was signed by Ahmed Shide, Finance Minister of Ethiopia and Dr. TAH, President of BADEA who is in Addis Ababa for the AU summit, ENA reported.