(Ecofin Agency) - Germany announced a €120 million support package to help Ethiopia face the impact of the coronavirus pandemic. The information was revealed on April 30 by the Ethiopian News Agency (ENA).
The program is aimed at supporting the African country’s macroeconomic stability and safeguarding jobs in the textile industry. Part of the money will also be used to purchase medical products, in collaboration with the World Health Organization.
According to the German Embassy in Ethiopia, the investment falls within the partnership signed in December 2019 between the two countries to support Ethiopia’s ambitious economic reform program. The partnership targets the sectors of infrastructure investment, agriculture, and energy.
The International Monetary Fund saw Ethiopia’s growth at 3.2% in 2019-20 due to the pandemic, after 9% in 2018-19. The latest official data from May 3, reported a total of 133 covid-19 cases in Ethiopia, with 3 deaths and 69 recovered patients.