The Democratic Republic of Congo (40.6 euros) and the Palestinian Territories (39.7 million euros) are the two other beneficieries of the first installment of the aid package.
After months of wrangling, EU governments and the European Parliament agreed in December to the package, which is supposed to help farmers buy fertiliser and seeds between 2009 and 2011, according to the AFP report.
The first instalment of spending is to benefit 23 countries, with a total of 50 due eventually to receive aid under the programme, which is supposed to be Europe’s response to the food price spike last year.
“Over the months ahead, we must not forget the impact that the financial crisis and economic downturn will have on developing countries,” EU Development Commissioner Louis Michel said in a statement.
“This is only now becoming clear and could be much worse than expected.” (AFP)
With an inflation hovering around 45.9%, Ethiopia is hard hit by an economic crisis mainly fueled by misguided policies and widespread corruption that has drained the country’s foreign currency reserves.
