The 375 points over Libor seems steep for Ethiopia. I will think any more dealing with the banks should await until the soon to be issued Euro Bonds by the Ethiopian govt. Given the response similar bonds issued by Rwanda and Kenya have gotten, we will fair better as the various dams on the pipeline will generate enough revenue. Absent a regulated transparent financial market in Ethiopia, the govt will be in ' difficulty' to gauge whether to generate needed funds from within , the Diaspora or sophisticated banks overseas who can play dirty games by manipulating the value of the paper they churn at will. . When the basic mechanism is functioning locally, i doubt if there is any need for such steep loans.