The Council of Ministers has discussed and approved two draft proclamations submitted by the Ethiopian government in partnership with the International Development Association (IDA). The agreements focus on securing financing for two major development initiatives.
The first loan, amounting to SDR 53.3 million, is designated for the implementation of the Ethiopia Modern Public Service Improvement Project. The second, valued at SDR 525.7 million, will support the Financial Sector Strengthening Project.
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Both loans are interest-free, carry a nominal service fee of 0.75%, and are repayable over 38 years, including a six-year grace period.
Following the discussions, the Council unanimously decided to forward the draft proclamations to the House of People’s Representatives for ratification. The loans are deemed consistent with Ethiopia’s credit policy and are expected to significantly enhance the country’s public service delivery and financial sector infrastructure.
