KSA affirms support to Ethiopia’s dev’t undertakings

Addis Ababa, November 9, 2023 (FBC) – The Kingdom of Saudi Arabia has pledged its backing to Ethiopia’s development undertakings.

KSA’s pledge was revealed during the discussion between Ethiopia’s Minister of Finance Ahmed Shide and his Saudi Arabian counterpart, Mohammed Al Jadaan, on the sidelines of the Saudi Arabia-African Economic Conference in Riyadh.

According to the Ethiopian Embassy in Riyadh, ​​the two ministers discussed Ethiopia’s ongoing economic reform, development undertakings, and debt restructuring.

The Minister of Finance of Saudi Arabia, Mohammed Al Jadaan, confirmed that his government will continue to support the development activities being carried out in Ethiopia.

Recall that Ethiopia and Saudi Arabia have also signed a memorandum of understanding to work together in petroleum and energy sectors.

The cooperation agreement was signed between Minister of Finance, Ahmed Shide, and the Minister of Energy of Saudi Arabia, Abdulaziz Bin Salman Al Saud.

The agreement, according to the Ethiopian Embassy in Riyadh, allows the two countries to cooperate in the fields of oil supply, energy technology transfer and energy investment. It is believed that the MoU will also encourage development activities in the field of energy and ensuring fuel supply for Ethiopia.