AfDB approves $98m grant for Ethiopia road project to Djibouti

<p>The African Development Bank (AfDB) has approved a $98 million financial package for Ethiopia for a road transport corridor project to neighbouring Djibouti, it said late on Tuesday.</p> <p>The project’s total cost is $255 million, comprising an AfDB grant of $98 million to Ethiopia’s government and an AfDB grant of $5.3 million to Djibouti’s government, plus a co-financing contribution of $151 million by Ethiopia’s government.</p> <p>“The project will enhance trade by significantly reducing transport costs, thereby accelerating the economic growth of Ethiopia and its neighbour Djibouti, as it is part of the main import-export corridor,” the AfDB said in a statement.</p> <blockquote class="twitter-tweet"><p lang="en" dir="ltr">“ [Prime Minsiter Abiy Ahmed] is taking bold decisions in restoring peace and security… in the region. [AfDB] is here to support the vision of the Prime Minister.” President of African Development Bank (<a href="https://twitter.com/hashtag/AfDB?src=hash&ref_src=twsrc%5Etfw">#AfDB</a>) Akinwumi Adesina <a href="https://twitter.com/hashtag/Ethiopia?src=hash&ref_src=twsrc%5Etfw">#Ethiopia</a> <a href="https://t.co/WEupdP2cx3">pic.twitter.com/WEupdP2cx3</a></p>— Fitsum Arega (@fitsumaregaa) <a href="https://twitter.com/fitsumaregaa/status/1051067987677962240?ref_src=twsrc%5Etfw">October 13, 2018</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> <p><strong><em><span class="caps">REUTERS</span></em></strong></p>

The project will enhance trade by significantly reducing transport costs, thereby accelerating the economic growth of Ethiopia and its neighbour Djibouti, as it is part of the main import-export corridor.