Germany Reinforces over €352 Mil Financial Support for Ethiopia

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ENA December  2/2019 Germany announced on Monday to provide Ethiopia with 352.5 million Euros in a new reform partnership assistance as it seeks to promote private investment. 

The financial assistance announced during a four-day visit to Ethiopia by Germany’s Minister for Economic Cooperation and Development, Gerd Müller.

Prime Minister Abiy Ahmed has received Gerd Müller in his office this morning and held discussion on ways to heighten the existing cooperation between Ethiopia and Germany.

The high-level visit follows the G20 Compact with Africa (CWA) conference held in Berlin a few weeks ago, during which Germany and Ethiopia concluded a Declaration of Intent on the Design of a Reform Partnership to Promote Private Investment and Sustainable Economic Development.

The two countries agreed to deepen their partnership and opened a new chapter to enhance their bilateral relationship.

A joint letter of intent signed today by Finance Minister Ahmed Shide and German’s Minister for Economic Cooperation and Development, Gerd Mueller, where Prime Minister Abiy presided over the signing ceremony.

Accordingly, Germany has committed 352.5 million Euros to Ethiopia for the realization of the reform partnership and the continuation of the existing cooperation portfolio.

Germany also handed over keys for up to 144 agriculture equipments, including spare parts, in support of agricultural mechanization in Ethiopia.

Both sides agree to cooperate in the areas of vocational training and economic development with the goal to strengthen the private sector and create jobs.