 ratified two loan agreement draft proclamations, Read more.){kind=link}
Getahun Tsegaye
Staff Reporter
Addis Ababa, Ethiopia – The House of Peoples’ Representatives today, during its 29th regular session of the sixth year of its term, ratified two loan agreement draft proclamations, an air transport agreement, and the establishment agreement of the Africa Finance Corporation.
Ethiopian News Agency (ENA), state-owned media, reported that the parliament unanimously approved the draft proclamations for a €11.5 million loan agreement from the Italian government for the implementation of the Environmental and Green Economy Development program and a $50 million loan agreement from the International Development Association for the Learning Enhancement and Education Sector Transformation Program.
The Air Transport Service Agreement signed between the governments of Ethiopia and Austria was also unanimously approved.
Furthermore, the draft proclamation presented for the ratification of the Establishment Agreement of the Africa Finance Corporation was approved by a majority vote, with three abstentions.
State Minister of Finance, Meseret Haile, presented the loan agreement draft proclamations to the parliament in detail. She stated that the €11.5 million loan from the Italian government “will support Ethiopia’s ongoing efforts in the green economy development sector.” She elaborated that it will primarily be used for agriculture, forestry, health, transport, energy, industry, water, and urban development projects.
Regarding the loan agreement for the Learning Enhancement and Education Sector Transformation Program, the State Minister mentioned that it “will help realize quality education accessibility.” She highlighted that the agreement will have “significant benefits, particularly for reforms from pre-primary education onwards, teacher development, educational resources, and similar activities.”
The establishment agreement of the Africa Finance Corporation is believed to significantly contribute to Ethiopia’s multifaceted economic activities. Ethiopia’s membership in the corporation is expected to help secure financial resources for the private sector, industries, and infrastructure development. It was also explained that it will “create enabling conditions to support the efforts to connect Africa through infrastructure and the Continental Free Trade Area,” stating that “Ethiopia’s membership in the corporation will bring diverse benefits.”
The Air Transport Service Agreement signed between Ethiopia and Austria aims to “expand flight destinations, strengthen relations between the two countries, and enhance its contribution to trade and job creation.”
Members of Parliament, on their part, commented on the need for caution, especially regarding the implementation of the loan agreements, to avoid any shortcomings.
State Minister of Finance, Dr. Eyob Tekalign, provided responses and clarifications to the questions and comments raised by the Members of Parliament regarding the loan agreements. In his response, he stated that the agreements “consider the country’s economic growth.” He pointed out that the government will “strengthen its support and monitoring to ensure that the agreements are used for their intended purposes,” adding that “the comments raised by the parliament will be used as input.” He also explained that the proclamation for Ethiopia’s membership in the Africa Finance Corporation will “help increase the country’s financial capacity and expand options, particularly in alleviating financial challenges observed in mining, industry, and similar investment sectors.”
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