22-Jul-2021The African Development Bank Group and the Government of Ethiopia have signed two separate grant agreements for new projects to boost youth employment and electricity trade between Ethiopia and Djibouti. The project will be implemented over a five-year period (2021-2026) under the supervision of the Ministry of Water, Irrigation and Energy and the country's Irrigation Development Commission. The Ethiopia-Djibouti Second Power Interconnection Project follows an earlier Bank-financed power interconnection project between the two countries, and builds on its accrued benefits over the last 10 years. The Board of Directors of the African Development Bank Group approved funding of both projects on 7 July 2021. The African Development Bank is a major player in Ethiopia's development agenda and currently has operations valued at about $1.76 billion, covering basic services, energy, transport, water supply and sanitation, agriculture, governance, and the private sector.

Source: Ethiopian News July 22, 2021 18:11 UTC