The loan agreement was signed in the Ethiopian capital by Ahmed Shide, Ethiopia’s Minister of Finance and Hussain Jasem Al Nowais, Chairman of KFED.
According to Ethiopian fiancé minister, the loan will be used to implement homegrown economic reforms, encourage innovation and assist small and medium enterprises (SMEs), among others.
In August last year, KEFD provided a $100 million financial assistance for job creation activities in Ethiopia
The loan agreement comes after Ethiopian Prime Minister Abiy Ahmed visited the UAE where he held discussion with Sheikh Mohammed bin Rashid Al Maktoum who pledged to provide plot of land for construction of Ethiopian Orthodox Church in UAE.
Monday’s agreement affirms the strengthening of trade, investment and development cooperation between the two countries, Chairman of KFED.