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Ethiopia's Finance Ministry, World Bank Sign $907 Mn Financing Agreement


Ethiopia’s Finance Ministry, World Bank Sign $907 Mn Financing Agreement
Ethiopia’s Ministry of Finance signed a financing agreement of $907 million with the World Bank today. The financing is aimed at providing support in three areas: improving access to financing for small and micro enterprises, electricity investment, and the fight against COVID-19.
Inking the agreement were Ahmed Shide, Ethiopia’s Minister of Finance, and Ousmane Dione, World Bank Group’s East Africa Director.
Out of the $907 million, $200 million will be used to support small and micro enterprirses in Ethiopia whose businesses have suffered due to COVID-19, but can sustain their businesses if they gain support. ....

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UPDATE: Ethiopia Receives $500M World Bank Financing for Electricity Projects at Tadias Magazine


April 1st, 2021
in Podcast.
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New World Bank financing supports Ethiopia s goal of universal electricity access by 2025. (Photo: The World Bank Group headquarters building in Washington, D.C./Wikimedia)
Press Release
World Bank Group
ADDIS ABABA The World Bank approved a $500 million International Development Association (IDA) credit to support Ethiopia’s goal of achieving universal electricity access by 2025.
Over the past decade, the Government of Ethiopia has made encouraging progress on its electrification program and expanded the grid network coverage to nearly 60 percent of towns and villages. Despite this progress, Ethiopia has the third largest energy access deficit in Sub-Saharan Africa with more than half the population still without access to reliable electricity especially in deep-rural areas which are dependent on biomass and kerosene. The electricity deficit in Ethiopia continues to exacerbate the poverty situ ....

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