Finance Ministry Hits 80pc of Grant, Loan Target

Aug 29 , 2020

Ethiopia received 107 billion Br in grants and loans from multilateral and bilateral financial sources in the last fiscal year, accounting for 81.3pc of the target. The Ministry secured 37.4 billion Br in the form of loans and the remaining in grants from multilateral institutions such as the World Bank Group, African Development Bank, European Investment Bank, the European Union and the United Nations. Around 48.3 billion Br was secured through financing from bilateral sources; 18.6 billion Br came through as loans; while 29.7 billion Br was through grants. The encouraging performance of development projects and the record of the country’s debt repayment were among the major factors for the increase in loan and grant agreements, according to Haji Ibsa, public relations director at the Finance Ministry.