Ethiopia Signed a Grant Agreement of €1.1 million

Adis Ababa (HAN) May 14,2015. Public Diplomacy, Regional humanitarian, Security News. Ethiopia signed a grant agreement of €1.1 million with
COMESA to finance its regional integration programmes.

The funds were secured through a contribution agreement between the European Union and COMESA and disbursed under the Regional Integration Support Mechanism (RISM) COMESA Adjustment Facility (CAF)

The agreement was signed Thursday, 14, 2015 by the State Minister of Finance and Economic Development Hon. Ato Ahmed Shide and Secretary General Sindiso Ngwenya in Addis Ababa. This is the first time for Ethiopia to access the funding.

The funds will used in capacity building and Institutional development of coordinating and implementing bodies of regional integration programmes, raising awareness for the private sectors on the Free Trade Area and training on the Rules of Origin.
Further, the money will support the creation of information centre for the private sector and to equip both Ethiopian and Addis Ababa Chambers of Commerce with technical capacity to enable them to address trade information demands of their member organizations and individual business persons.

Hon. Shide who is also the Chair of the COMESA Council of Ministers said his government shall ensure a speedy implementation of the programmes under the funding so that the people can start seeing the benefits of integration.

“The COMESA Adjustment Facility represents a good option for supporting our government’s commitments of achieving a higher level of regional integration. I am confident that the results to be achieved under this programme will be a positive attestation to this”, Hon. Shide said.

Mr Ngwenya commended the government of Ethiopia for channeling foreign investment and other financial resources to the sectors which contribute most to economic growth.
“Ethiopia is quickly emerging as a manufacturing hub in the region and thus, the government has focused on manufacturing as an engine for growth,” he said citing the increased production in sugar, textiles, leather products and cement.

Mr. Ngwenya further announced that Ethiopia would receive an additional indicative amount of about €1.2 million in 2015. This will bring the total amount secured to about €2.3 million under the Adjustment Facility and the RISM programme in two years.
Present at the ceremony was the Head of European Union Delegation of the Federal Democratic to Ethiopia, Ambassador Francisco Carreras.

Source: .geeskaafrika.com