Ethiopia secures $4 billion project financing from abroad

The Government of Ethiopia has obtained close to 142.3 billion birr (about $3.95 billion) external financing for its different projects and programs during the budget year concluded July 7, 2020, the Ministry of Finance said.

Compared to the previous budget year, the flow of external financing to Ethiopia has increased by about $27.3 billion birr (about $758 million), according to Haji Ibsa, Public Relations Director of the Ministry of Finance of Ethiopia. He indicated that confidence of donors and foreign lenders on the execution of programs and projects by Ethiopian government has contributed to the increase of the flow of money into the country.

The Ministry also indicated that during the year the country has also secured some 106.9 billion birr ($2.97 billion at current exchange rate) grant and loan. Out of the total, 37.38 billion birr ($1.03 billion) was obtained from international financial institutions and countries in form of loan. Ethiopia’s external debt at the end of 2018/19 budget year has been $27.029 billion.