United Arab Emirates (UAE) on Monday announced a $100 million grant to Ethiopia during a signing ceremony in Addis Ababa.
Prime Minister Dr Abiy Ahmed presided over the memorandum of understanding (MoU) signed by Ethiopia’s State Minister of Finance Admasu Nebebe and Hussain. J. Al Nowais, Chairman of the Khalifa Fund Board of Directors, representing the UAE.
The UAE had agreed to deposit $1 billion in Ethiopia’s central bank to ease a severe foreign currency shortage in the horn African nation after Abu Dhabi’s crown prince, Sheikh Mohamed Bin Zayedafter Abiy met with Ethiopian Prime Minister Abiy Ahmed last year in Addis Ababa.
It has not yet been confirmed that the stated amount of money was deposited in central banks of Ethiopia.
Office of the Prime Minister in its Twitter post said that, “The support provides for micro, small and medium enterprise sector development and job creation, particularly focused on innovation and technology.”
Ethiopia – UAE relations have been on an upward trajectory over the
course of 2018.
It was one of the Gulf nations Ethiopian Prime Minister Abiy Ahmed visited last year as part of pooling regional support especially for economic reforms. The Crown Prince also visited Addis Ababa the same year.
MG/abj/APA