The Ministry of Finance and the World Bank have signed a $730 million support agreement for the African Regional Economic Corridor Project (Ethio-Djibouti Corridor Project).
The project will strengthen Ethiopia’s logistics and communication capacity in a manner linked to the strategic Addis Ababa-Djibouti corridor, which accounts for 90 percent of Ethiopia’s maritime trade.
According to the agreement, financial support will be provided for the construction of the Meoso-Deredawa road.
The Ministry of Finance announced that the construction will increase the capacity and efficiency of transportation.
Other infrastructures, including access to health, water and education services, will be supported for citizens in the areas where the road will be built.
The minister pointed out that, the project is part of the Horn of Africa Initiative and a framework for regional cooperation.
The agreement was signed by the Minister of Finance, Ahmed Shide and the Director of Regional Cooperation of the World Bank, Buteina Gurmazi.
Ahmed Shide expressed his gratitude for the support of the World Bank and said that, “Ethiopia works with determination for the development of regional connectivity.”
