UAE Grants $100mln to Ethiopia

ADDIS ABABA – Ethiopia and the United Arab Emirates have signed a 100 million USD grant deal on Monday.

Prime Minister Abiy Ahmed presided over the signing of the grant agreement that was signed by Ethiopia’s State Minister of finance, Admassu Nebebe, and Chairman of the Khalifa Fund Board of Directors, Hussain. J. Al Nowais, at his office.

“The support provides for micro, small and medium enterprise sector development and job creation, particularly focused on innovation and technology,” says the PM office in a statement.

Last year, UAE gave a $3 billion support package, made up of a $1 billion deposit in Ethiopia’s central bank and a pledge of $2 billion in investments.

Ethiopian officials said the deposit helped ease a foreign exchange crisis that had caused shortages of medicine and a slowdown in manufacturing.