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French Development Agency provides EUR 18m for urban and geothermal development in Ethiopia

Addis Abeba, June 21/2018 – A signing ceremony of two grants Agreements took place at the Ministry of Finance and Economic Cooperation (MoFEC) between Admasu Nebebe, Ethiopian State Minister of Finance and Economic Cooperation, Frederic Bontems, Ambassador of France to Ethiopia and Mr Ignace Monkam-Daverat, the French Agency for Development (AFD) Regional Manager in Addis Abeba, for a total of 18 million euros.

A grant of EUR 8m will be provided in contribution to the Tendaho Geothermal Development Project. It is funded by the European Union, through the European Union Africa Infrastructure Trust Fund (EU-AITF). This investment grant constitutes an additional funding to this project, which already benefited from a 9 million euros concessional loan from AFD and a total of 7,5 million euros from previous EU-AITF grants. The financing will enable to complete the drilling activities planned as part of the geothermal exploration and development effort in the Afar region.

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