House Approves Loan Agreement with IDA

Addis Ababa January 17/2019 The House of Peoples’ Representatives has approved today a loan agreement worth 88.33 million USD inked between the Ethiopian Government and the International Development Association.

Revenue, Budget and Finance Standing Committee of the House delivered an explanatory note and a draft resolution pertaining to the agreement.

Lemlem Hadgou, Chairperson of the Standing Committee said that the loan will be reimbursed for the development of Industrial Parks and employment generation schemes envisaged in the Second Growth and Transformation Plan.

The loan will also be partially used for income generation programs that target refugees in the country in line with Ethiopia’s commitment to meet her obligations on international agreements related to empowering refugees being hosted in the country, the Chairperson noted.

The interest free loan is payable in 38 years after six years of grace period and is in consonance with the country’s foreign loan policy and strategy, Lemlem added.

The agreement was passed with three in opposition and another 3 in abstention.