Ethiopia, Saudi Fund Sign $140mln Loan Deal
ADDIS ABEBA – The governments of Ethiopia and the Saudi Fund for Development (SFD) have signed a 140 million US dollars loan deal which will finance various infrastructures in the East African nation.
The soft loan would be used for the construction of the 118-km Debre Marko-Mota road project ($75m) and implementation of One WaSH National Program ($65m).
The singing took place after Prime Minister Abiy Ahmed has held a discussion with Dr. Khalid S. Alkhudairy of the Saudi Fund & his delegation at Prime Minister Office.
The discussion was on investments and development support, said the PM office in a statement.
On the same day, the Saudi Arabia-based ACWA POWER Company and government have also signed a Gad and Dicheto solar energy projects Implementation and power purchase deal.
The deal was signed four months after the Ministry of Finance approved the financial offer placed by a Saudi Arabian energy company to generate and sell solar power to the government from two farms in Somali and Afar regional states.
ACWA will go on to generate 250MW of power from Gad, near Dire Dawa city, and Dicheto, Near Semera town, solar projects.
The projects, which will cost 300 million dollars, are expected to be completed within 18 months. After generating solar power, ACWA will sell it to the Ethiopian Electric Power.
Image: The PM presided over the signing of two agreements [Photo PM Office]