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Ethiopia : ETHIOPIA to receive U.S $ 100 mln loan from EXIM BANK

June 21, 2014

Ethiopian government announced that it has secured a U.S $ 100 Million committed loan from the Korean Export Import (EXIM) Bank.

The loan is continued for financing portion of the Modjo-Hawassa highway project. Previously, the loan agreement was inked. On June 9, it has been approved by the House of Peoples Representative through a ratification bill.

Modjo-Hawassa highway is a 218 Kilometers road and it is going to be built in 2 phases. The first phase includes a total distance of 93 Kilometers and stretches from Modjo to Ziway. Moreover, the work of the first phase is divided in to two lots.

The total cost of the construction is U.S $ 350 Million. Out of which U.S $ 128.5 Million is already secured as loan from the African Development Bank for the construction of the first lot.

The loan approached from the Korean EXIM Bank is going to be utilized for the second lot that stretches 37 Kilometers. This lot is going to expand from Meki to Ziway. The loan obtained from the Korean EXIM Bank will be paid in 40 years with a period of grace for 15 years.

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Source: TendersInfo (India)

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