Ethiopia, Italy sign € 28.7m loan, grant agreement

Addis Ababa, March 5, 2020 (FBC) -Ethiopia and Italy have signed loan and grant agreement amounting to € 28.7 million.

Of the total, €16 million is a loan, while the remaining €12.7 million is a grant.

The agreement was signed here today by Admassu Nebebe, Ethiopia’s State Minister of Finance, and Arturo Luzzi, Ambassador of Italy to Ethiopia.

The €16m in loan money would be used for the implementation of health sector transformation plan in Afar, Benishangul-Gumuz, Gambella and Somali regional state.

Moreover, it will be channelled for skill development and job creation program in Ethiopia.

The grant funding on the other hand would be utilized for the implementation of a project to reduce geographical inequities in the above mentioned regions, Addis Ababa riverside development project, and a project to improve rural livelihoods in SNNP region.