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Financials

Ethiopia to get $140 mln in loans from Saudi Arabia

ADDIS ABABA, Dec 19 (Reuters) - Ethiopia will receive $140 million in loans from Saudi Arabia for infrastructure and energy projects, the government said on Thursday, in a further sign of support of Prime Minister Abiy Ahmed from the oil-rich Gulf state.

The two loans will go toward the construction of roads, solar plants and water supply, Abiy’s office said on Twitter after the prime minister met a delegation of Saudi Arabia’s state development fund.

In June 2018, shortly after Abiy’s appointment, the United Arab Emirates pledged $3 billion in aid and investments.

Last week the World Bank and the International Monetary Fund pledged a total of $5.9 billion to support Ethiopia’s economic reforms. (Reporting by Giulia Paravicini; Editing by George Obulutsa and Jon Boyle)

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