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The Ministry of Finance and Economic Development (MoFED) and Ministry of International Development Cooperation of Canada signed a memorandum of understanding (MoU) to finance projects based on the interest and priority of the Ethiopian government.
The MoU which is a mutual accountability framework for development cooperation between the two countries was signed at Elilly Hotel on Wednesday July 15 by Ahmed Shide, State Minister of MoFED and Christian Paradis, Minister of International Development and La Francophonie of Canada who is in Ethiopia to attend the third Financing for Development conference.
After the signing agreement Ahmed told Capital that Canada will strengthen its support for development programs in Ethiopia which are selected by the Ethiopian government.
He said that the two countries agreed to work together on selected focal sectors. “We also agreed to work on institutional development and women’s participation,” he told Capital.
Ahmed said that the agreement has a big value as it will enhance the development cooperation between the two countries and will help pave the path of transforming the Ethiopian growth and poverty reduction plan. “We acknowledge the importance of Canada’s support to Ethiopia’s growth both economically and politically,” he added.
The Canadian Minister said that Ethiopia is one of the main countries in terms of support.
“Beside that we reviewed our focus in 2014. We can make a difference here to our partnership,” Paradis added.
The mutual accountability framework is also part of the agreement that makes sure for Ethiopia to show its achievement done with the support from Canada. Agriculture, mining sector development and poverty reduction are the major areas Canada will provide support.
The Canadian minister told Capital that Ethiopia is one of the major countries that gets a considerable amount of financial support for developmental projects. He said that his country provides USD 73 million on bilateral relationship every year for Ethiopia excluding financial supports via international organizations and the world bank.
Ahmed said that the agreement will focus on the projects that the government planned to undertaking in GTP. “Priorities like mining development, which Canada has extensive experience, rural development, capacity building, women empowerment and food security are the areas that we will work together on,” he explained.
Convergence Facility, which was established by the Canadian government will also be another source of support for developing countries that includes Ethiopia.
This facility launched in relation with the FFD3 conference on Wednesday July 15, will mobilize blended finance and new financial sources for projects in the developing countries. The state minister also said that Convergence Facility will be one of the sources for the energy sector development.
The Canadian Minister explained that his government is interested to share its experience and best practices with Ethiopia.