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MPs approve USD 700 mln loan agreements
The House of People’s Representatives (HPR) deliberated on financial agreements

MPs approve USD 700 mln loan agreements

In its third regular session, the House of People’s Representatives (HPR) has approved financial agreements worth some USD 700 million, the Ethiopian government had signed with various countries and multilateral organizations.

Held on Tuesday November 5, 2019, the House saw a USD 280 million loan agreement signed with the International Development Association (IDA) of the World Bank. It was disclosed that the stated loan secured from the financial institution, would be utilized to implement development projects in pastoral areas.

The bill states that the development projects will be carried out in 100 Woredas in the Afar Regional State, Gambella Regional State, Benishangul Gumuz Regional State, Oromia Regional State, Somali Regional State and in the Southern Regional States, benefiting some 2.5 million pastoral communities.

Another draft agreement approved by the House includes a loan agreement signed with the French Development Agency (FDA) worth EUR 85 million. The agreement aims to promote private sector engagement, competitiveness, good governance and strengthening accountability.

In addition, legislators approved a USD 170 million and USD 94 million with Korea Export-Import Bank, respectively. Money will be earmarked to be used for the expansion of power transition in the South and national water supply, sanitation and hygiene.

Similarly, the House endorsed a USD 20 million and USD 22 million loan agreements signed with the Arab Bank and OPEC Fund for International Development (OFID) for the Dilla-Bule-Haro Wacho road project.

At the end of the regular session, upon nomination by House Speaker Tagesse Chafo, the House of People’s Representatives voted on nominations of members for the Law, Justice and Democracy Standing Committee and the Trade and Industry Standing Committee, respectively; to fill vacant posts left by two former members. Accordingly, Members of Parliament (MPs) endorsed Temesgen Bayisa (PhD) and Yeshimebet Negash to fill the vacant positions.