Djibouti signed a 15 million-euro ($21.7 million) financing agreement with the European Union to develop an electricity interconnection project with neighboring Ethiopia.
The accord was signed by Finance Minister Ilyas Dawaleh Moussa and Andris Piebalgs, the EU’s commissioner for development, in Djibouti City, the capital, yesterday.
Djibouti wants to reduce its dependence on oil-fired power plants and increase use of hydropower sources in Ethiopia as it seeks to reduce power costs.
The EU plans to provide 63.7 million euros of aid to Djibouti for the 2000-2013 period, according to the EU’s website.
To contact the reporter on this story: Mohamed Osman Farah in Djibouti via Nairobi at pmrichardson@bloomberg.net.
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