September 15

African Development Bank Approves $104 Million in Funding to Improve Power Supply in Eastern Ethiopia

The Board of Directors of the African Development Bank Group today approved $104 million in financing to the Ethiopian government for the financing of a transmission project to improve power supply in the eastern part of the country.

The financing includes a $52 million grant from the African Development Fund, the Bank Group’s concessional lending arm and a $52 million soft loan drawn from Korea’s Economic Development Cooperation Fund under the Korea – Africa Energy Investment Framework Agreement. The agreement was signed in June 2021 between the African Development Bank and the Government of the Republic of Korea with the main objective of contributing to sustainable economic and social development and promoting economic cooperation in African member countries.

Photo courtesy of Lukas Bato.

Source: African Development Bank Group (link opens in a new window)

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