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The government of Ethiopia has signed a US$15mn loan agreement with the Arab Bank for African Economic Development (BADEA) for the financing of Hamusit–Estie road upgrading project
The loan agreement was signed on behalf of BADEA by director general Sidi Ould TAH and on behalf of Ethiopia by the minister of finance and economic cooperation Abdulaziz Mohammed at the BADEA headquarters in Khartoum.
Hamusit–Estie road upgrading project is a part of Ethiopia government’s initiative to develop the road sector in the country by improving, expanding and rehabilitating the existing road network.
The project aims to contribute to the facilitation of movement of goods, agricultural products and passengers within the project area and 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, a statement by the bank said.
According to the agreement, the loan is to be repaid in 30 years, including a grace period of 10 years, at an annual interest rate of one per cent.