Ethiopia has landed two loans worth $140 million from the Saudi Fund for Development (SFD) earmarked to boost economic development, creation of vital infrastructure and address water scarcity, Arabian Business reports.
The first loan will enable the eastern African country to provide a water, sanitation and hygiene program (WASH) to rural and urban areas.
World Bank, the UK Department for International Development (DFID) and UNICEF have helped secure the loan.
The second loan will be used for the construction of a 118km-road linking the town of Motta with the city of Debre Markos in the north west of the country.
Upon completion, the road project, part of the Ethiopian government’s program to develop the transport sector and expand the regional road network, will help to facilitate the flow of trade between towns and cities, contributing to the development of the local economy, the Dubai-based media reports.
The SFD has so far provided financial assistance to 46 countries for over 424 development projects.