House Ratifies Loan Agreements, Road Charters

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Addis Ababa, July 7/2021(ENA)  The House of People’s Representatives (HPR) has ratified four loan agreements between Ethiopia and the International Development Association, and endorsed two road charter proclamations, including the African Road Safety Charter and United Nations Convention on Road Traffic today.

The approved loan agreements would help the country to execute projects, including financing Ethiopian digital foundation projects, small and medium enterprise projects, and distributing electricity and light to Ethiopian project, it was learned.

In addition the House has endorsed the International Development Association additional financing agreement for enhancing shared prosperity through equitable service program.

The agreements ratified are part of the government’s new loan strategy that has stipulated a borrowing scheme by shifting from commercial to concessional loans as well as using long-term loans to support projects.

Similarly, the HPR endorsed two road charter proclamations, the African Road Safety Charter and United Nations Convention on Road Traffic.

As the African Road Safety Charter sets standards and guidelines in stipulating road safety provisions, its ratification will help Ethiopia to become a competitive nation in the world stage.

The ratified United Nations Convention on Road Traffic will have a significant role in ensuring a smooth and efficient cross-border road traffic for Ethiopia as the country is landlocked and mitigating damages from road traffic accidents.  

Finally, the House also approved the amended proclamation to revise the powers and functions of the House of Federation.