The Arab Bank for Economic Development in Africa have signed on Wednesday 13th of July 2016 at its headquarters in Khartoum, a Loan Agreement with the Federal Democratic Republic of Ethiopia, so as to contribute to the financing of Hamusit – Estie Road Upgrading Project.
Hamusit – Estie Road Upgrading Project is a part of Ethiopia Government’s Program aiming at developing the roads sector, through improving, expanding and rehabilitating the existing roads network.
The project will contribute to facilitate the movement of goods, agricultural products and passengers within the project area and with the highway network that leads to the capital Addis Ababa. The project will also contribute to improve the traffic efficiency and its safety, reduce the time and transportation expenses and alleviate poverty for the population.
The loan amounting to US$ 15 million will be repaid during 30 years, including a grace period of 10 years, with an annual interest rate of 1%.
The loan Agreement was signed on behalf of BADEA by H.E. Dr. Sidi Ould TAH, the Director General and on behalf of Ethiopia by H.E. Mr. Abdulaziz Mohammed, Minister of Finance and Economic Cooperation.