2merkato

The Board of Executives of the World Bank approved 200 million US dollars in credit from the International Development Association to invest in the electric power projects in Ethiopia.

The funds will be used by the government to enhance electric coverage in rural areas and to supply modern, affordable and cost effective electricity services in Ethiopia.

The Electricity Network Reinforcement and Expansion Project is designed to support the efforts to upgrade and extend the national grid and to enhance the overall quality of delivery as well as to increase the level of connection in areas already on the grid and to extend connection to areas outside of the gird. 

World Bank has approved a $250-million supplemental financing to Ethiopia on Wednesday. The financing, approved by the Bank's Board of Executive Directors, is part of Ethiopia's second and ongoing Growth and Competitiveness Programmatic Development Policy Financing. Half of the amount, $125 million, is in grants, while the remaining half is a loan.

The World Bank approved USD 1.2 billion in grants and loans to Ethiopia. According to a statement posted on the bank’s website, the funds, a USD 600 million grant and a USD 600 million loan, will be used to assist reforms in the financial sector including improving the investment climate.

The World Bank has approved a USD 700 million credit through the International Development Association (IDA) to support Ethiopia’s Financial Sector Strengthening Project (FSSP). This initiative aims to bolster the stability and resilience of Ethiopia’s financial institutions.

The Board of Executive Directors endorsed a new World Bank Group (WBG) five-year Country Partnership Framework (CPF) to support Ethiopia’s development aspirations. The CPF is informed by extensive consultations with a broad range of stakeholders and is in line with priorities outlined in the country’s Growth and Transformation Plan II.