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Ethiopia Secures $1.5 Billion World Bank Support for Economic Reforms

13:27, 31 July 2024

Muhammad Nooh Osman

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In recent years, the World Bank has been Ethiopia's largest development finance source, with the country currently receiving over $2 billion annually in concessional financing under the IDA program. Half of this amount is provided as grants. The World Bank's portfolio in Ethiopia now stands at $15.5 billion, with $7 billion ready for disbursement.

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Ethiopia has secured a $1.5 billion financial package from the World Bank, aimed at bolstering the country's ongoing economic reforms.

The agreement, announced on Tuesday, includes a $1 billion grant and a $500 million loan, representing a significant step in the long-standing partnership between Ethiopia and the World Bank.

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The deal was signed by Ethiopian Finance Minister Ato Ahmed Shide and Maryam Salim, World Bank Country Director for Ethiopia, Eritrea, Sudan, and South Sudan.

The ministry noted that the financial support, part of the First Sustainable and Inclusive Growth Development Policy Operation, underscores the World Bank's commitment to Ethiopia's development aspirations.