Ethiopia receives US$330m World Bank loan for development activities
Aluto Langano Geothermal Power Plant (source: bgr.bund.de)
Alexander Richter
19 Oct 2010
Ethiopia and the World Bank sign a US$330m cooperation agreement to support the country's development activities, among others in geothermal power development. Around US$288m will be given as loan and the balance in form of a grant.
Reported from Africa, “Ethiopia and the World Bank have on Tuesday signed in Addis Ababa $330 million cooperation agreement to support Ethiopia’s development activities.
According to the signed agreement, the bank will give the money to support Ethiopia’s recently launched five years growth and transformation plan, which aims to undertake billions of dollars worth of development activities in the agricultural, health and energy sectors.
Accordingly, the $330 million will be used to support Ethiopia’s agricultural and energy supply works in the coming five years.
The money will also be used in supporting Ethiopia’s efforts to generate power from geothermal.
Around $288 million of the money is given to Ethiopia in the form of a loan while the balance is in the form of a grant.”
Source: Tsehainy
