Ethiopia, Germany sign €100m grant agreement

Addis Ababa, March 23, 2020 (FBC) –Ethiopia and Germany have signed a grant agreement amounting to €100 million today.

The agreement was signed by Admasu Nebebe, State Minister of Finance and Mrs. Brita Wagner, Ambassador of Germany to Ethiopia.

Due to the current global coronavirus (COVID-19) outbreak, the signing was held via a virtual ceremony to ensure the WHO recommended social distancing.

The grant is to support the Ethiopia’s reform agenda for transition to a model of economic development strongly oriented on private sector development by improving the framework conditions for investments and for improved access to financial services for local and foreign private companies.

The funding will also be used for the second phase of the growth and competitiveness program and avail finance for the reform oriented expenditures through the budget support.