France, Ethiopia Sign 100mln Loan, Grant Deals

ADDIS ABEBA –The government of Ethiopia signed a loan and grant deals worth 100 million Euro with the French Agency for Development (FAD) on Thursday.

The signing of the agreements took place in Addis Abeba between finance minister Ahmed Shide and Ignace Monkam-Daverat, country director of FAD.

Frederic Bontems, Ambassador of France to Ethiopia and to the African Union, attended the signing event of the deals which, according to France embassy in Addis Ababa, aims to support the current economic reforms in the east African nation.

The embassy also said the financial support is the result of the joint declaration of intent signed between the development agency and Ethiopia during the visit of French President Emmanuel Macron in Ethiopia on March 12th, 2019.

The 100 million euros will finance the implementation of the Ethiopian government’s ambitious economic reforms, it said.

About 85 million is provided through a Public Policy concessional loan, while the remaining 15 million is provided as a grant for the global technical assistance program.

The loan will aim to support Ethiopia in the implementation of GTP II economic reforms by focusing on the following themes: maximizing finance for development, among other things.

The Agence Française de Développement (AFD) is the French bilateral development bank, which has been working for more than 70 years implementing French development-aid policy.

AFD committed for 11.4 billion euros financing worldwide last year alone.