Grant Agreement Signed between the FDRE Ministry of Finance and the African Development Bank
Grant Agreement Signed between the FDRE Ministry of Finance and the African Development Bank to fight against the impact of COVID-19 Pandemic
On the 4th of July 2020, Grant Agreement amounting to US$165.69 million (equivalent to ETB 5,633,704,800) was signed virtually between the Federal Democratic Republic of Ethiopia and the African Development Bank to finance the COVID-19 Emergency Crisis Response Budget Support Program. This program is co-financed by the Export Import Bank of Korea with an allocation of US$40 million (equivalent to ETB 1,360,000,000) in the form of credit.
The budgetary support will be used to finance the government’s response plan to cope the impact of COVID-19 pandemic including expansion of health service preparedness, protection of livelihoods, especially for the vulnerable and private sector enterprises.
The Financing Agreement was signed by H.E. Mr. Ahmed Shide, Minister of Finance and Dr. Abdul Kamara, Country Manager, Ethiopia Country Office, African Development Bank.
Due to the current problem of Corona Virus outbreak, the signing was held via a virtual ceremony to comply with the WHO recommendation of social distancing