ADDIS ABABA, March 3 (NNN-ENA) — An agreement for a loan amounting to nearly 10 million USD was signed heer Tuesday between the government of Ethiopia and the Saudi Fund for Development.

Ethiopian Finance and Economic Development Minister Sufiian Ahmed and Saudi Fund Vice-Chairman and Managing Director Yousef I. Al-bassam signed the agreement.

Under the agreement, the loan will be used for the implementation of the Jijiga-Geghabur Electrification Project.

The project is expected to improve the socio-economic life of the region, according to a press statement issued by the Ministry of Finance and Economic Development. The loan was extended as a concessional loan with a long repayment period.

Work on the project, which will commence soon, is scheduled to be completed by 2013.
– NNN-ENA

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