Ethiopia signs loan deal with BADEA

Friday, April 25, 2014

ADDIS ABABA – Ethiopia signed a $10-million loan agreement with the Arab Bank for Economic Development in Africa (BADEA) in Addis Ababa on Friday.

The loan will be used for upgrading 45.5 kilometers of road in eastern Ethiopia.

Ethiopian State Minister of Finance and Economic Development Ahmed Shide and BADEA Director-General Abdel-Aziz Khelef signed the agreement.

Speaking at the signing ceremony, Shide hailed BADEA for supporting his government's development activities in the country, describing the bank as Ethiopia's "development partner."

The Khartoum-based BADEA was established in line with a resolution of the sixth Arab Summit in Algiers in 1973. It began operations in 1975.

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