European Investment Bank Finances Ethiopia’s Water Infrastructure

European Investment Bank Finances Ethiopia’s Water Infrastructure European Investment Bank Finances Ethiopia’s Water Infrastructure

The European Investment Bank, France and Italy will jointly lend Ethiopia 81.4 million Euros ($90 million) to assist the country to improve its water infrastructure, Bloomberg reported.

EIB is going to loan 40 million Euros, the French Agency for Development will provide 20 million Euros and Italy’s Ministry of Foreign Affairs and International Cooperation will loan 15 million Euros, according to a statement communicated by the Luxembourg-based on Wednesday, July 15, 2015. They will provide 6.4 million Euros more in grants.

Ethiopia’s Ministry of Water, Irrigation and Energy is going to spend the money on new water, wastewater and sanitation infrastructure and modernize the existing services in small and medium-sized towns throughout the country. According to EIB, the loan will make 120, 000 households beneficiary.

EIB Vice President Pim van Ballekom said in the statement, “The program that we’ve agreed to jointly finance today is expected to lead to improvements in health conditions and thus the quality of life of many Ethiopians.”

EIB has borrowed more than 500 million Euros the last five years to finance water infrastructure updates in Africa, including Mali, Niger, Burkina Faso, Cameroon, Tanzania, Uganda, Lesotho and Zambia.

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