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The World Bank’s Board of Executive Directors approved US$ 320 million to finance a new type of asphalt road in Ethiopia, according to Capital.

The World Bank inked 33 million USD loan with Ethiopia.

The loan agreement was signed by Ahmed Shide, State Minister of Finance and Economic Cooperation, on Ethiopia’s part and Carolyn Turk, World Bank Country Director for Ethiopia, Sudan and South Sudan, on the bank’s behalf.

The World Bank has granted 6 million USD to one of public universities in Ethiopia, Haromaya University. The grant is to assist the higher learning institution’s effort to become one of the leading research center of excellence in the African Continent.

Menzwerk Grefie, the Coordinator of the Small and Medium Enterprise Finance Project, revealed that a fund of USD 200 million was allocated for the project from the World Bank. This newly allocated budget came after the USD 276 million fund which was provided by the World Bank previously.

According to the Coordinator, the World Bank approved the funding considering the pressure caused by the global outbreak of Covid-19 on small and medium enterprises. The fund will be used for the provision of machine leases, operational loans, and business development services, it was learnt.

Semerita Sewasew, State Minister for Economic Cooperation of the Ministry of Finance, and the representative of the World Bank’s Green Climate Fund (GCF), Asaye Legesse, signed a USD 165.2 million grant and loan agreement for the implementation of a sustainable land management program that reduces land degradation and improves productivity.