Ethiopia and World Bank Sign $1.15 Billion Loan Agreement

Ethiopia and World Bank Sign $1.15 Billion Loan Agreement

Ethiopian and the World Bank Signed two loan agreements worth 1.15 billion US dollars to support the transport sector and the Promotion of Basic Services Phase III project.

World bank and Ethiopia signed loan agreement

The bank released the interest free credit totaling 1.15 billion US dollars on the basis of the Country Partnership Strategy which the bank approved recently.

The great news for the new EPRDF administration led by Prime Minister Hailemariam Desalegn.

The bank released the interest free credit totaling 1.15 billion US dollars on the basis of the Country Partnership Strategy which the bank approved recently.

The loan is particular targeted towards enhancing the access of services to poor people and to enhance the infrastructural development plans noted the statement.

This is the fouth times the World bank gave such a big loan to Ethiopia for different purposes. Ethiopian economic progress is so amazing it’s conomy is growing about 11 percent every year for the past several years.

World Bank Approves US$600 million New Funding to Improve Delivery of Education, Health and Other Services in Ethiopia.

WASHINGTON, September 25, 2012 – The World Bank’s Board of Executive Directors today endorsed a new Country Partnership Strategy (CPS) for Ethiopia to build on the country’s development progress over the last five years of its previous country strategy and to help its government and communities go further in their efforts to create more growth, more jobs, better health and education, and significantly less poverty.

The World Bank’s Board of Executive Directors today approved the Eastern Electricity Highway Project, which will connect Ethiopia’s electrical grid with Kenya’s, create power- sharing between the two countries, reduce energy costs, promote sustainable and renewable power generation, better protect the region’s environment, and pave the way for more dynamic regional cooperation between the countries of East Africa. The new project marks the first phase of a regional East Africa power integration program which is likely to cost US$1.3 billion at completion, eventually benefiting 212 million people living in five countries with a combined GDP of US$107 billion.

 

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