Ethiopia gets an additional 375 million dollars of financial assistance to finalise work of the electrification program. The parliament has legislated the loan agreement that signed between the Ministry of Finance & Economic Cooperation (MoFEC) and International Development Association (IDA).
The IDA made the pledge into two schemes; a regular loan of 250 million dollars and scale-up facility credit of 125 million dollars. The loan is going to be used for the nation’s electrification project, which is aimed at providing electricity to the lower income community of rural areas.
The conventional loan would be paid in 38 years without interest rate and a six-year grace period, while the scale-up facility credit will be paid in 30 years period with a nine-year grace period and interest.
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