Germany Grants Ethiopia $388 Million for Reforms / Ethiopia to Keep Control of Banks as Sectors Open Up (Bloomberg)

Market sellers in Harar. (Getty Images)

Bloomberg

By Samuel Gebre

Germany granted Ethiopia 352.5 million euros ($388 million) to support reforms that will promote private investment and sustainable economic development, the prime minister’s office said in a statement.

The agreement was signed with Germany’s ministers for economic cooperation and labor and social affairs, who are in Ethiopia on a state visit. Ethiopia initiated economic reforms when Prime Minister Abiy Ahmed came to power in April 2018, which are opening the Horn of Africa nation to more foreign capital.

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Related:
Ethiopia to Keep Control of Its Banks as Other Sectors Open Up

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