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.
$500 million will be used to improve access to electricity by involving the private sector, as well as look for sustainable sources of finance for the sector. A hundred million of this will specifically be used to improve the rate of involvement and quality of service of the private sector in electricity.
The remaining $207 million will be used for the prevention of COVID-19 and the deployment of its vaccine.
Dr. Liya Kebede, Minister of Health, Frehiwot Woldehana, Deputy Minister of Water, Irrigation and Energy, Yohannes Ayalew, President of Development Bank of Ethiopia, Asfaw Abebe, General Director of Federal Small and Medium Manufacturing Industry Development Agency, as well as Shiferaw Telila, CEO of Ethiopian Electric Utility, were present during the signing of the financing agreement.
Source (Including Image): Ministry of Finance Website (Amharic)