Ethiopia concluded an 18 billion Birr loan agreement with the World Bank on June 15, 2016. The loan is said to be utilized by Ethiopia to expand infrastructure.

The agreement was signed by Abdulaziz Mohammed, Minister for Finance and Economic Cooperation (MoFEC) on Ethiopia’s side while World Bank was represented by Carolyn Turk, World Bank Country Director for Ethiopia, Sudan and South Sudan.

Speaking after the conclusion of the agreement, Abdulaziz said the loan would be used to improve road safety, strengthen small and medium enterprises as well as energy development.

The Country Director on her part said the loan will aid the East African country to accelerate its growth and also create more jobs.

Few weeks ago the World Bank approved 300 million USD loan. The loan is extended to improve mobility along selected corridors in Ethiopia’s capital and the effectiveness of road safety compliance systems throughout Ethiopia.

Source: Fana Broadcasting Corporate