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· Ethiopia’s Ministry of Finance a said that it has obtained US$2.96 billion (close to 107 billion birr) from various sources including multilateral and bilateral, in the form of grants and loans in the Ethiopian fiscal year that ended on July 7, 2020 for development works
· The Ministry said US$1.92 billion (69.5 billion birr) of this has come as from grants, while the rest came as loans
· The multilateral sources include the World Bank, African Development Bank, European Investment Bank, European Union, United Nations, among others. These loans aggregated to US$1.62 billion (58.66 billion birr)
Ethiopia’s Ministry of Finance said that it has obtained US$2.96 billion (close to 107 billion birr) from various sources including multilateral and bilateral, in the form of grants and loans in the Ethiopian fiscal year that ended on July 7, 2020 for development works.
The Ministry said US$1.92 billion (69.5 billion birr) of this has come from grants, while the rest came as loans. The multilateral sources include the World Bank, African Development Bank, European Investment Bank, European Union, United Nations, among others. These loans aggregated to US$1.62 billion (58.66 billion birr).
Sourced from bilateral sources included US$515.25 million (18.619 billion birr) in loans and US$822.48 million (29.721 billion birr) as grants. The total loan grant and loan accounted for 81.3 percent of the target for the stated fiscal year.
The increase in loans and grants can be attributed to the “encouraging performance of development projects and the increase in the country’s debt repayment. 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.
