Addis Ababa, June 3, 2010 (Addis Ababa) - Ethiopia and the World Bank signed here on Thursday a 100 million US dollar loan agreement

According to the agreement, Ethiopia will be able to fill its financial shortfall in completing various road projects.

Finance and Economic Development State Minister, Ahmed Shide and World Bank Director for Ethiopia and the Sudan, Kenichi Ohashi signed the accord here on the premise of the ministry.

As per the agreement, the stated sum will be used to fill shortage of funds in the execution of on-going road projects that occurred as a result of different variation orders and increased quantities as well as to mitigate the effects of high price escalation and inflation.

The loan, which is an additional financing for the Second Phase of the Road Sector Development Program (RSDP II), will contribute to fully complete road projects under the program, according to the accord.

“It is satisfying to see that Ethiopia’s road network has expanded and improved in condition since 1997. … we will keep supporting Ethiopia in further ensuring that the improved roads are maintained,” the Bank’s statement issued on the occasion quoted, Yoshimichi Kawasumi, World Bank Task Team Leader, as saying.