Wednesday, July 24, 2024
HomeEthiopian NewsEthiopia, BADEA signed 49.5 million USD Financing Agreement 

Ethiopia, BADEA signed 49.5 million USD Financing Agreement 

Arab Bank for Economic Development in Africa _ News


Toronto – Ethiopia’s Ministry of Finance on Monday announced that it has signed a $49.5 million “financing” agreement with the Arab Bank for Economic Development in Africa (BADEA) in the capital Addis Ababa. 

The Minister for Finance, Ahmed Shide, and  Dr. TAH, President of BADEA – who happened to be in Addis Ababa for the AU summit – have signed the agreement. It is not indicated if the Ethiopian parliament has approved the financing agreement and what conditions are attached to the “financing agreement” – financial or otherwise. 

According to updates from the Ministry, the funding will be spent on “Productivity Enhancement Support for the Integrated Agro-Industrial Parks and Youth Employment (PESAPYE) project “ 

It said “The objective of the agreement is to co-finance the Productivity Enhancement Support for the Integrated Agro-Industrial Parks and Youth Employment (PESAPYE) project which is playing a key role in strengthening government’s efforts to enhance productivity and create employment opportunities in Ethiopia.” 

The Ministry also said that the African Development Bank and the Ethiopian government are currently funding the project with a focus on “ Integrated Agro-Industrial Parks.” 

According to the Ministry, “the agreement will support constructing an irrigation infrastructure spanning 8,000 ha within the Gidabo project area, covering Oromia and Sidama regions to enhance agricultural productivity and provide water resources critical for sustainable growth.” 


Join our Telegram Channel :

Like borkena on Facebook

Join the conversation. Follow us on twitter @zborkena to get the latest Ethiopian News updates regularly.  Subscribe to YouTube channel To share information or for submission, send e-mail to 



  1. Whenever I see Brother H.E. Ahmed Shide, I know our old country is in very capable hands. Every time I see our daughter/sister Nejat Girma, PhD I am assured that gem of the colored is in good hands. When I see our fire tested sister H.E. President Sahle-Work Zewde, I am guaranteed our old country is in a fire-spitting patriot’s hands. It all the same whenever I see Sister/Daughter Dr. Lia Tadesse and H.E. Dr. Mekdes Daba Feyssa, H.E. Taye Atske Selassie and other uncompromising patriots like them.

  2. This is a positive development as the stated “investment” is directed towards :  ““Productivity Enhancement Support for the Integrated Agro-Industrial Parks and Youth Employment (PESAPYE) project “.

    a) Irrigation based Agro-development  (food-security) to support the population growth the country is experiencing…
    b) Youth-job-creation, which is a very vital part of economic development going forward…

    Here is an equally important & huge development that just came out today… (may have been in the works for sometime)..

    “Chinese Partnership to Bring Large-Scale Bitcoin Mining to Ethiopia”

    This is huge, in creating more 21st century jobs to the youth of the nation with expanded DATA-centers and specialized development-work in Block-Chain technology & the future of digital-Finance..

    “The Ethiopian government is set to enter a partnership with companies from China to establish powerful new Bitcoin mining infrastructure in the country, all centered around a massive hydroelectric dam.”

    The BRICS basket of currency for trade might one day involve Bitcoin…  

    Ethiopia’s state power company should insist on being paid in BITCOIN… (BTC’s growth potential would cause its BTC holdings to multiply exponentially… ) If BTC is good enough for Tesla & Elon Musk, it sure is good enough for Ethiopian Electric power Authority. 

    Link =

    Be well !!!

  3. Hahahaha, celebrating for securing 50million $ by a bank!! Thats a drop in the ocean, when you take in account the 30billion needed to rebuild the war damage . Further more, when 30million $ is missing from the government’s vault because some government officials (which of course will not be named or prosecuted) stole it and when asked about it they replied that they don’t know where these money went. At the same time Abyi and Simels Abdissa are building palaces and villas while thousands of people are starving to death in Tigray and other parts of the country. The tragicomedy continues…sit tight and enjoy the show, while small men clap their hands in support, hopping to get some of the injera crumbs that fall of the big men’s table. How utterly sad


Please enter your comment!
Please enter your name here