The Federal Democratic Republic of Ethiopia has become the second country to sign the first funding agreement to a tune of 1.1 million euros with COMESA, a few days after Sudan.
Ato Ahmed Shide, State Minister of Finance and Economic Development of the Federal Democratic Republic of Ethiopia and Chairman of the Council of Ministers signed the agreement on behalf of his government while COMESA Secretary-General Sindiso Ngwenya signed on behalf of COMESA at a ceremony that was held at the Ministry of Finance and Economic Development offices in Addis Ababa, Ethiopia on 14th May 2015.
Speaking during the ceremony Sindiso Ngwenya said the signing of the agreement shall help the country to implementation of Ethiopia’s regional integration commitments.
“The Grant Agreement commits over 1.1 million Euros towards implementation of Ethiopia’s regional integration commitments. The funds will be directed towards capacity building and Institutional development of Coordinating and Implementing Bodies, raising awareness for the private sectors on the FTA, training on Rules of Origin, 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”, Ngwenya said.
He commended the government 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. I am pleased that so far, Ethiopia has witnessed an increased contribution from the sector, particularly focused on increased production in sugar, textiles, leather products and cement”, He said.
Secretary-General also said In addition to the support being committed, Ethiopia shall receive an additional indicative amount of about 1.2 million Euros in 2015.
This will bring the total amount secured to about 2.3 million Euros under the Adjustment Facility and the RISM program in two years.
State Minister of Finance and Economic Development of the Federal Democratic Republic of Ethiopia Ato Ahmed Shide said his government shall ensure a speedy implementation of the programs under the funding so that the people can start seeing the benefits of integration.
“You will agree with me that 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 program will be a positive attestation to this”, Shide said.
[FanaBroadcastingCorporation]