Ethiopia gets US$88 mln Fund loan to cut poverty

TUNIS – The African Development Fund, the African Development Bank’s (AfDB) soft lending arm, awarded Ethiopia an US$88 million (N$580,8 million) loan to finance an anti-poverty scheme, the AfDB said.

The project, officially called a sustainable development and poverty reduction programme, will help to spur rapid economic growth and an increased role for the private sector in Ethiopia’s economy which is reeling from years of drought, famine and wars, it added late on Wednesday. The African Development Bank also granted Ethiopia debt relief totalling US$339,5 million which will cut the African country’s debt service payments to the bank by US$30,05 million this year, AfDB said.Meanwhile, Zambia won a US$14,35 million loan and US$5,71 million grant from the African Development Bank to finance an anti HIV-AIDS programme in the country where the disease had made thousands of children orphans, it added.Senegal got a US$14 million loan from the AfDB Fund to finance a rural power project in Louga region.Niger won US$50,01 million debt relief from the AfDB, resulting in a 80 per cent cut in its debt service payments to the bank over the next 20 years.-Nampa-ReutersThe African Development Bank also granted Ethiopia debt relief totalling US$339,5 million which will cut the African country’s debt service payments to the bank by US$30,05 million this year, AfDB said.Meanwhile, Zambia won a US$14,35 million loan and US$5,71 million grant from the African Development Bank to finance an anti HIV-AIDS programme in the country where the disease had made thousands of children orphans, it added.Senegal got a US$14 million loan from the AfDB Fund to finance a rural power project in Louga region.Niger won US$50,01 million debt relief from the AfDB, resulting in a 80 per cent cut in its debt service payments to the bank over the next 20 years.-Nampa-Reuters