Saudi Arabia Extends $140m Loan

December 21 , 2019


Saudi Arabia Extends $140m Loan

Ethiopia secured a 140-million-dollar concessional loan from Saudi Arabia for road construction, water supply and sanitation development projects. The agreement was signed between Ahmed Shide, minister of Finance, and Khalid S. Alkhudairy (PhD), vice chairman and managing director of Saudi Fund, at a ceremony held in the Office of the Prime Minister on December 19, 2019. Part of the funding is allocated to finance the 118.4Km Debre Markos-Motta Road Project. The project costs 75 million dollars, and it is expected to be completed by September 2024. The remaining 65 million dollars is set to finance the One WASH National Programme. It aims at improving the health and well-being of communities in rural and urban areas by increasing access to water supply and sanitation and promoting the adoption of good hygiene practices. The funding will cover four years until the end of 2023.


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