EU agree to grant Ethiopia 155 mln Euros for roads construction
Oct 12, 2006 (ADDIS ABABA) — Ethiopia signed a 155 Million Euros (1.7 Billion birr) grant agreement with the European Commission at the ministry of finance and economic development.
The EU grant will be utilized to finance the construction of road and the capacity building efforts being implemented as part of the comprehensive Road Sector Development Program, the state-run ENA reported.
The grant will be disbursed over a three-year period commencing from 1999 Ethiopian fiscal year, and the first tranche amounting to 50 million euros (560 million birr) will be released during the current Ethiopian fiscal year.
Signing the agreement were Minster of Finance and Economic Development, Sufian Ahmed and head of the European Commission Delegation to Ethiopia, Tim Clarke.
Speaking at the signing cermony Thursday Tim Clarke said “it is for the first time that the European Commission provides Sector Budget support of this magnitude for roads infrastructure development in any African country.
(ST)