AFD, AIIB pledge continued support for Ethiopia through financing development projects

Addis Ababa, October 26, 2024 (FBC) – In the ongoing IMF and World Bank annual meeting, Ahmed Shide, the Minister of Finance of Ethiopia and the new co-chair of the Asian Infrastructure Investment Bank (AIIB), held discussions with AIIB President Jin Liqun, and Mr. Rémy Rioux, the Director-General of French Development Agency (AFD).

During the meeting, Minister Ahmed commended AIIB’s robust capitalization and governance, led by President Liqun, and advocated for more favorable financing conditions for debt-burdened nations, highlighting Ethiopia’s need for infrastructure funding.

On the other hand, President Liqun affirmed AIIB’s support for Ethiopia, including through financing an energy project jointly with the European Investment Bank and the European Union.

The two parties also discussed ways to finance the new airport development announced by Ethiopian Airlines recently agreeing to explore further options. Following Minister Ahmed’s invitation, the AIIB President will visit Ethiopia toward the end of November 2024 to further strengthen partnership and cooperation.

Additionally, Minister Ahmed Shide met with Director-General Rioux to discuss Ethiopia’s compressive reforms and acknowledge AFD’s support.

Director-General Rioux on the other reiterated AFD’s commitment to Ethiopia, including the budget support next year. Minister Ahmed Shide also expressed gratitude to the Government of France, for support in various sectors through bilateral cooperation and its substantial support to IDA and IMF, highlighting the value these contributions bring to Ethiopia’s development efforts.