Ministry Secures Close to 107 Billion Birr in Grant, Loan

Addis Ababa, August 28/2020(ENA)Ministry of Finance announced that it secured about 107 billion Birr in grant and loan from multilateral and bilateral financial sources during the concluded Ethiopian fiscal year.

The total loan obtained from the parties was 37.38 billion Birr and the grant the remaining  69.495 billion Birr.

World Bank, African Development Bank, European Investment Bank, European Union, United Nations, among others, included the multilateral sources.

Regarding the finance gained from bilateral sources, some 48.34 billion Birr was secured in the form of 18.619 billion Birr loan and 29.721 billion Birr grant, it was indicated.

Briefing the media today, Finance Ministry Public Relations Director Haji Ibsa said the total loan grant and loan accounted for 81.3 percent of the target for the stated fiscal year.

According to him, the encouraging performance of development projects and the increase of the country’s debt repayment were among the major factors for the increase in loan and grant agreements.