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Ethiopia secured $375 million in funding from the International Development Association (IDA) for the development of its energy sector. The Ethiopian Parliament has just validated this financial assistance, which will be used to finalize the work of its national electrification program.
The goal of the program is to bring energy to people in remote rural areas with low incomes.
Funding was in two parts. The first $250 million consists of a 38-year interest-free, 38-year normal loan with a grace period of 6 years. The remaining $125 million consists of a non-zero interest-bearing credit repayable over 30 years with a 9-year grace period.
Ethiopia has a national electrification rate of 42.9%, but only 10% of its rural population has access to electricity.