Ethiopia sources $720mn in financing for road infrastructure project ...United Arab Emirates

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Ethiopia sources $720mn in financing for road infrastructure project
source : ME CONSTRUCTION NEWS ( United Arab Emirates ) () 46
In a bid to improve road travel between Addis Ababa and Djibouti, the International Development Association (IDA) will lend Ethiopia US $720mn to develop necessary infrastructure. The financial package aims to improve the flow of goods and people between Addis and Djibouti, Ethiopia’s main outlet to the Indian Ocean and world markets. Around 95% of Ethiopia’s external trade is said to use the Djibouti corridor. The IDA is the division of the World Bank that deals with very impoverished countries. The World Bank notes that the initiative will be “a catalyst for commerce, assisting businesses to trim their overheads and strengthen linkages to regional and global value chains”. “This project i

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