Germany Grants Ethiopia $388 Million for Reforms

(Bloomberg) -- Germany granted Ethiopia 352.5 million euros ($388 million) to support reforms that will promote private investment and sustainable economic development, the prime minister’s office said in a statement.

The agreement was signed with Germany’s ministers for economic cooperation and labor and social affairs, who are in Ethiopia on a state visit. Ethiopia initiated economic reforms when Prime Minister Abiy Ahmed came to power in April 2018, which are opening the Horn of Africa nation to more foreign capital.

To contact the reporter on this story: Samuel Gebre in Abidjan at sgebre@bloomberg.net

To contact the editors responsible for this story: David Malingha at dmalingha@bloomberg.net, Helen Nyambura, Paul Richardson

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