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Ethiopia, EU Sign Two Financial Agreements

Ethiopia and the European Union (EU) signed two financial agreements on July 17, 2015, worth 190 million Euros for the support of Ethiopia’s road sector and safety net programs, the Ethiopian News Agency reported.

Ethiopian Minister of Finance and Economic Development, Sufian Ahmed and European Union Commissioner in Charge of International Cooperation and Development, Neven Mimica have signed the financial agreements.

140 million Euros of the fund is for the Road Sector Policy Support Program (SPSP-IV) and the rest 50 million will be for the Fourth Safety Net Program (PSNP-IV).

Sufian said EU has funded 416.78 and 350 million Euros for the road sub sector and Productive Safety Net Program respectively starting from 2005.

“The road sector budget support program aims to support the implementation of the government’s Road Sector Development Program IV, which covers the period 2015/20 and aims at improving the road network and ensuring rural accessibility.”

“The expansion of the road network is playing a key role in the sustainable development of Ethiopia and improving the accessibility of all population to basic needs, public services and markets”, said Commissioner Mimica.

Source: Ethiopian News Agency

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