The World Bank has approved a 1.15 billion US dollar loan to fund a range of development activities in Ethiopia according to a statement issued by the bank.

The bank also approved a new Country Partnership Strategy for Ethiopia at the same time. The new strategy is intended to build upon the development of the country to encourage more growth, employment, health and education.

The ban released the interest free credit totaling 1.15 billion US dollars on the basis of the new strategy explained the statement.

This decision means that the bank will mobilize 600 million birr for the third phase of  the Promoting Basic Services program servicing an estimated 84 million people.

The program, co-sponsored by the European Union the UK department for International Development and the African Development Bank has been able to hire 100 thousand new primary school teachers,  38 thousand health extension workers and 45 thousand agriculture extension workers since 2006 said the statement.

The program is expected to support Ethiopia in achieving several of the Millennium Development goals by providing the funding required to obtain key trained personnel.

Ethiopia’s new country strategy will focus on ‘fostering competitiveness and employment’ and ‘Enhancing resilience and reducing vulnerabilities’ said the statement.

Source: Ethiopian Herald