Germany on Monday announced a €352.5 million financial assistance to Ethiopia. Of the total support, €110 million is a direct budgetary support.
The financial assistance was announced by Gerd Müller, Germany’s Minister for Economic Cooperation and Development, who is in Ethiopia for a four-day official visit.
The German Minister, who held discussion with Ethiopian Prime Minister Dr Abiy, said part of the money will be used to promote private investment and ongoing reform.
The high-level visit follows the G20 Compact with Africa (CWA) conference held in Berlin a few weeks ago, during which Germany and Ethiopia concluded a Declaration of Intent on the Design of a Reform Partnership to Promote Private Investment and Sustainable Economic Development.
The two countries agreed to deepen their partnership and opened a new chapter to enhance their bilateral relationship.
A joint letter of intent signed by Finance Minister Ahmed Shide and German’s Minister for Economic Cooperation and Development, Gerd Mueller, where Prime Minister Abiy presided over the signing ceremony.
The two sides also agree to cooperate in the areas of vocational training and economic development with the goal to strengthen the private sector and create jobs.
MG/abj/APA