Ethiopia and EU sign 650 million euro financial support agreement

Ethiopia and the European Union signed a financial support agreement of 650 million euros ($680 million) on Tuesday for the multi-year indicative program.

The agreement was signed by Ethiopian Finance Minister Ahmed Shide and European Commissioner for International Partnerships Jutta Urpilainen, in the presence of EU member state ambassadors based in the capital Addis Ababa.

It aims to support green growth, inclusive human development, governance and peacebuilding in the country.

The multiannual indicative program shows the EU’s willingness to help Ethiopia emerge from conflict and step up its development efforts, Urpilainen said in a statement published on the X platform, following a visit by official work in Ethiopia.

The program will be implemented in Ethiopia from 2024 to 2027.

“The priorities of the €650 million multi-annual indicative program for Ethiopia are green growth, inclusive human development, governance and peacebuilding. Cooperation in these crucial sectors must be accompanied by an active political dialogue with the government,” Urpilainen said in a statement.

She added that the Horn of Africa has great potential for African development and that, to increase economic integration, “it needs rigorously implemented quality investments in connections and social cohesion”.

A statement issued by the Ethiopian Ministry of Finance after the meeting between Shide and Urpilainen on the sidelines of the Horn of Africa Initiative ministerial meeting said he briefed her on the current socio-economic and political situation in Ethiopia.

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