African Development Bank supporting Eritrea with $41m projects

Eritrea and the African Development Bank have signed agreements worth US$41 million to finance two major sustainable development projects.

The deals will focus on drought resilience, sustainable livelihood programmes and skills development.

The Eritrean Minister of Finance, Mr. Berhane Habtemariam, and Mr. Gebriel Negatu, Regional Director of the African Development Bank, signed the agreement last week.

50 per cent of the amount is in development assistance to Eritrea and the remaining 50 per cent is in the form of interest-free loan, according to the AFDB Regional Director.

The Nairobi-based African Development Bank is made up of 13 countries, including Eritrea.