AfDB extends $98 mn financial assistance for Ethiopia to Djibouti road project
The African Development Bank (AfDB) has stated that it has sanctioned a $98 million financial package for Ethiopia for a road transport corridor project to neighbouring Djibouti.
August 08, 2019: The African Development Bank (AfDB) has stated that it has sanctioned a $98 million financial package for Ethiopia for a road transport corridor project to neighbouring Djibouti.
The project's total cost is $255 million, comprising an AfDB grant of $98 million to Ethiopia's government, $5.3 million to Djibouti's government, plus a co-financing contribution of $151 million by Ethiopia's government.
"The project will enhance trade by significantly reducing transport costs, thereby accelerating the economic growth of Ethiopia and its neighbour Djibouti, as it is part of the main import-export corridor," the AfDB revealed in a statement.
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