INTERNATIONAL – Ethiopia and the United Arab Emirates (UAE) on Monday signed a grant agreement worth $100 million (R1.3 bn) that aimed to support the Ethiopian government's efforts in the innovation and technology sectors.
The $100 million grant agreement, which was signed in Ethiopia's capital Addis Ababa on Monday, mainly envisaged to boost the capacity of micro, small and medium enterprises, with a particular emphasis given to enterprises in the innovation and technology sectors, according to the Ethiopian Prime Minister's Office.
Ethiopia's Minister of Innovation and Technology, Getahun Mekuria, said the financial support from the UAE government, which was provided through the Khalifa Fund for Enterprise Development, would mainly engage enterprises in agribusiness, agro-processing, information and technology services, as well as firms in the energy and manufacturing sectors.
The latest financial agreement came as the Ethiopian government strengthened its endeavors to boost innovation at the heart of its development ambition.
Last month, the Ethiopian Prime Minister Abiy Ahmed had urged Ethiopian youth to harness the potential of innovation in science and technology so as to drive the country's overall development ambitions.