Ethiopia, BADEA sign $15 million loan agreement for Road Upgrading Project
The Federal Democratic Republic of Ethiopia has signed on Wednesday a US$ 15 million loan agreement with the Arab Bank for Economic Development in Africa (BADEA) to contribute to the financing of Hamusit-Estie Road Upgrading Project.
Hamusit-Estie Road Upgrading Project is a part of Ethiopia Government’s Program aiming at developing the roads sector through improving, expanding and rehabilitating the existing roads network.
The project will contribute to the facilitation of movement of goods, agricultural products and passengers within the project area and with the highway network that leads to the capital Addis Ababa.
The project will also contribute to the improvement of traffic efficiency and safety, reduce the time and transportation expenses and alleviate poverty.
According to the agreement, which was signed at BADEA headquarters in Khartoum, the loan will be repaid during 30 years, including a grace period of 10 years, with an annual interest rate of 1percent.
The loan Agreement was signed on behalf of Ethiopia by H.E. Mr. Abdulaziz Mohammed, Minister of Finance and Economic Cooperation and on behalf of BADEA by H.E. Dr. Sidi Ould TAH, the Director General. [sudanow.info.sd]