Ethiopia, World Bank sign $100 million loan accord
June 4, 2010 (ADDIS ABABA) — Loan agreement totally amounting USD 100 million were signed here on Thursday between the Ethiopian government and the World Bank.
Finance and Economic Development State Minister, Ahmed Shide and World Bank Director for Ethiopia and the Sudan, Kenichi Ohashi signed the accord.
The funds will be used to finance Ethiopia shortfalls of funds in the execution of on-going road projects that occurred as a result of different variation orders and increased quantities as well as to mitigate the effects of high price escalation and inflation.
The loan, which is an additional financing for the Second Phase of the Road Sector Development Program (RSDP II), will contribute to fully complete road projects under the program.
“It is satisfying to see that Ethiopia’s road network has expanded and improved in condition since 1997.we will keep supporting Ethiopia in further ensuring that the improved roads are maintained,” the Bank’s statement issued on the occasion quoted, Yoshimichi Kawasumi, World Bank Task Team Leader, as saying.
(ST)