HoPR approves loan agreements signed with IDA

Addis Ababa, October 12, 2023 (FBC) – The House of People’s Representatives (HPR) has approved today loan agreements signed with the International Development Association (IDA).

The agreements signed between the Government of Ethiopia and the International Development Association (IDA) would help implement the Ethiopian Electrification Program and Human Resources Development Operation.

Accordingly, the House approved a 250-million USD loan for the implementation of the country’s electrification program.

The total cost of the Ethiopian Electrification Program is about 413 million USD. Of this, 250 million is obtained from IDA, while the remaining 163 million USD will be alloted by the government.

During the occasion, Chief Whip Tesfaye Beljige told members of the House of People’s Representatives that the loan with a 6-year grace period is to be paid in 38 years.

Similarly, the 50-million dollars interest-free loan received from the International Development Association with a 6-year grace period for the implementation of the human resources development operation will be repaid in 38 years, he added as quoted by ENA.

Ethiopian Electric Power Utility Project Management Director, Lemlem Misganaw recalled that 941,000 households have accessed electricity through the connection to the existing power grid with the 375million USD the World Bank had provided.

Besides, more than 500,000 citizens have accessed electricity from various power sources outside the existing grid.

According to her, the 250-million USD loan obtained from the International Development Association (IDA) will benefit more than 800,000 people.

The 50-million USD loan for human resource development operation would be used to strengthen health, education, water and agricultural development sectors in all regions of the country.