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Ethiopia signs 1.1 mln. Euro agreement with Comesa

Ethiopian Herald

Ethiopia Signs 1.1 Mln. Euro Agreement With Comesa

By Webheraldpressh*

Ethiopia signed Friday a grant agreement of 1.1 million Euros with COMESA to finance its regional integration programmes.

The agreement was signed by State Minister of Finance and Economic Development Ahmed Shide and COMESA Secretary General Sindiso Ngwenya.

The funds will be used in capacity building and institutional development of coordinating and implementing bodies of regional integration programmes, raising the awareness for the private sector on Free Trade Area and Rules of Origin, according to COMESA website.

It will also support the creation of an information centre for the private sector and to equip both Ethiopian and Addis Ababa Chambers of Commerce and Sectoral associations with technical capacity to help them address trade information demands of their member organizations and individual business persons.

State Minister of MoFED and Chairperson of COMESA Council of Ministers, Ahmed Shide said his government shall ensure a speedy implementation of the programme under the funding so that people can start seeing the benefits of integration.

COMESA Secretary-General Ngwenya on his part 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.

Ngwenya further stated that Ethiopia would receive an additional indicative amount of about 1.2 million Euros in 2015. This will bring the total amount secured to about 2.3 Euros million under the Adjustment Facility and the RISM programme in two years.