World Bank announces $4.7b loan, grant to Ethiopia
(journalducameroun) —The World Bank has announced a $4.7 billion loan and grant to support development projects in Ethiopia over the next three years, APA can report on Friday.The $4.7 billion is 50% in loan and 50% in grants, with the loan given on “very favourable terms that all of us would like to borrow,” World Bank country director to Ethiopia Carolyn Turk told APA.
The announcement came as the bank launched its five-year (2018-2022) Country Partnership Framework (CPF) for Ethiopia which, among other objectives, is set to increase the number of people with access to electricity to 50 percent.
It also seeks to decrease stunting prevalence in children aged 0-23 months by 36 percent, and to protect up to 14 million people from food insecurity; double the area of reforested lands and the number of land use certificates; and, reduce travel time on upgraded roads by more than half (56 percent) to make market centers more accessible farmers.
“We just launched what we call the country partnership framework. It is a three-year framework based on the framework under which the World Bank would support Ethiopia by availing up to 4.7 billion dollars.
“We have jointly identified the focus areas as structural transformation of the economy; resilience and inclusiveness, and it is about institution-building,” Dr. Abraham Tekeste, Minister Finance and Economic Cooperation of Ethiopia told APA.
The Country Partnership Framework is designed to support the country’s Second Growth and Transformation Plan (GTP II), while supporting the Bank’s twin goal of eliminating extreme poverty and boosting shared prosperity and achievement of the Sustainable Development Goals.