20 February 2024
Addis Ababa, Ethiopia – Ethiopia and the Arab Bank for Economic Development in Africa (BADEA) signed a significant agreement worth $49.5 million to support the country’s Productivity Enhancement Support for the Integrated Agro-Industrial Parks and Youth Employment (PESAPYE) project.
This project, already backed by the African Development Bank (AfDB) and the Ethiopian government, focuses on developing four integrated agro-industrial parks. BADEA’s contribution will specifically enable the construction of irrigation infrastructure spanning 8,000 hectares within the Gidabo project area, encompassing Oromia and Sidama regions.
The project aims to help the new irrigation infrastructure provide crucial water resources, leading to increased agricultural output, supporting the agro-industrial parks, and generate employment opportunities for young Ethiopians, as well as improve agricultural practices and job creation will ultimately contribute to Ethiopia’s overall sustainable development goals.
Ethiopia’s Finance Minister, Ahmed Shide, expressed his gratitude for BADEA’s support, highlighting the positive impact it will have on the country’s economic development and youth employment.
This agreement marks a significant step forward for Ethiopia’s efforts to modernize its agricultural sector, create jobs for its young population, and achieve sustainable development.
