Top Officials of Ethiopia's MoF and BADEA signed the agreement in Addis Ababa.

Ethiopia, BADEA Sign $49.5mln Financing Deal

ADDIS ABABA – Ethiopia’s Ministry of Finance signed a 49.5 million dollar financing agreement with the Arab Bank for Economic Development in Africa (BADEA).

The deal co-finances a Productivity Enhancement Support for the Integrated Agro-Industrial Parks and Youth Employment project.

The project – currently supported by the African Development Bank (AfDB) and the government – focuses on four Integrated Agro-Industrial Parks.

The newly signed agreement will fund the construction of an irrigation infrastructure on 8,000 ha of land within the Gidabo project area, covering Oromia and Sidama regions.

It “will enhance agricultural productivity and provide water resources critical for sustainable growth,” the Ministry of Finance says.

The agreement was signed by Finance Minister Ahmed Shide and BADEA President Sidi Ould Tah on the margin of the AU Summit.

During the signing ceremony, Finance Minister Ahmed expressed his appreciation for BADEA’s support, and also invited the BADEA President to join the Horn of Africa (HoA) initiative—a regional development Platform that the Minister chairs.

The multilateral development bank – owned by 18 Arab countries – was founded in 1974 to foster cooperation with African countries.

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