Addis Ababa, August 31, 2017 (FBC) – African Development Bank (AfDB) disclosed that it will continue to support Ethiopia’s development target to become a middle income country by 2025.
The bank, through its ten-year strategy aimed at supporting Africa’s transformation and improving quality of its growth, will continue to support development efforts of Ethiopia.
Through its ten-year strategy, AfDB aspires to light up and power, Africa, industrialize and integrate Africa as well as improve the quality of life for the people of Africa aligned with agenda 2063 and Sustainable Development Goals.
Chief Transport Engineer at AfDB, Mumina Wa-Kyendo told ENA that the bank will support industrial and private sector development in addition to areas that the bank has previously engaged in.
“We are working together with the government of Ethiopia and other countries in the continent to the industrial development since it’s important as parts of our objectives.”
Ethiopia’s quest for industrial development is well within the bank’s funding priorities as funding industries is a key goal among the priority area of the bank.
The bank plans to support projects that would promote the development of the private sector, based on its experiences gained from the public sector, he added.
“The area we want to focus now is private sector. We have learnt a lot from public sectors. Now would like to look the private sectors and see how we can help this sector to grow.”
The bank has been supporting Ethiopia’s development programs in various sectors including energy, transport, agriculture, water supply and sanitation as well as basic services delivery.
In the energy sector, the bank has extended 100 million US dollars and 225 million US dollars assistance for the construction of the 280km Ethio-Djibouti and Ethio-Kenya 1000km high voltage transmission lines, respectively.
In addition to powering Ethiopia and neighboring countries, these projects are helping the Horn African nation to obtain foreign exchange earnings.
By supporting development endeavors of Ethiopia, the bank is contributing to regional integration, building capacity to deliver basic services and improving business climate in the region.
“We are funding 1200km road connecting Kenya and Ethiopia. We have funded the export of energy to Djibouti and Kenya by funding the construction of over 1000 km of transmission lines. We have many integration projects all over the continent.”
The projects funded by AfDB has enabled Ethiopia increased its infrastructure schemes and ensure access to energy, transport, water and sanitation services.
The bank has also extended 200 million US dollars for the Ethiopian Airlines, the national flag carrier, for the purchase of Boeing and Airbus jets, which expected to boost trade and promote national and regional air transport integration.
The support that the African Development Bank (AfDB) has been extending to Ethiopia is fully aligned with the country’s Growth and Transformation Plan (GTP), said the Ministry of Finance and Economic Cooperation.
The projects financed by the bank have continued to support development projects considered as priority areas by the Ethiopian government including energy, road, water supply and sanitation, among others.
Based on this achievement, the Ministry stressed on the need for the African Development Bank to fund more projects so as to support Ethiopia’s transformation.
The Ministry said Ethiopia is a good example of how external resources can complement domestic resources to support fast and broad-based economic growth and development.
Given the impressive performance of Ethiopia in all fronts in the last one and half decades, the Bank could also take the lessons from the country and create forums to share experiences with sisterly countries in the continent.
The AfDB has opened its office in Ethiopia, which officially joined the bank in 1964, in the year 2000.
Source: ENA