Ethiopia: World Bank approves $860m credit for job creation

Ethiopia: World Bank approves $860m credit for job creation

(journalducameroun)—–The World Bank approved on Tuesday $860 million credit in support of the Government of Ethiopia’s effort to create more jobs in infrastructure projects across 117 cities of the country.Over seven million Ethiopians will be beneficial from the World Bank’s Urban Institutional and Infrastructure Program, which will run for five years starting from March, 2018.

During launching the program, World Bank Program Leader, Anne Bakilana said “Ethiopia is urbanizing rapidly and has one of the fastest growing urban populations in the world.”

Urbanization in Ethiopia has been associated with high level of economic growth, averaging 10.4 percent between 2003 and 2013.

“The government’s current policies of industrial development and promoting rural-urban linkages present good opportunities for promoting more balanced regional growth through the creation of a linked system of cities,” she emphasized.

Urban Development and Housing Minister, Jantirar Abay said strong political commitment both at federal and regional levels is crucial to attain the desired goals of the program and benefit the society at large.

Mentioning that the earlier programs which were implemented in 44 cities with the support of World Bank were successful, he said and added “taking the successful lessons and filling some of the gaps, everyone with sense of ownership should strive to realize it.”

According to him, budget allocation will be in accordance with the evaluations of cities by independent organizations that are related to transparency and accountability of capital investment.

“The Program will enhance the institutional performance of participating urban local governments to develop and sustain urban infrastructure, services, and local economic development,” Finance and Economic Cooperation Minister, Abraham Tekeste said

Improved infrastructure, service delivery, efficiency and effectiveness in fiduciary management, environmental and social management and safeguards as well as strengthened accountability and oversight systems are some of the key expected result areas, it was learned.