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HomeEthiopian NewsWorld bank virtually inks $400 million agreement as Russia-Africa summit was underway

World bank virtually inks $400 million agreement as Russia-Africa summit was underway

World Bank president to visit Ethiopia with a focus for “identifying” opportunities for job creation for youth and women

World Bank _ Ethiopia _ Russia-Africa summit
Ahmed Shide, Ethiopia’s Minister for Finance, and  Mr. Ousmane Dione, World Bank Country Director (Photo : file/public domain)

borkena 

As many African states, including Ethiopia, attend the Russia-Africa leaders summit in St. Petersburg, the world bank was inking an “agreement” with Ethiopia’s Ministry of Finance.

Ahmed Shide, Ethiopia’s Minister for Finance, and  Mr. Ousmane Dione, World Bank Country Director for Ethiopia, Eritrea, Sudan, and South Sudan representing the Government of Ethiopia and the World Bank, signed the agreement. 

The Ministry, in an update published on its website this Thursday, indicated that the signing ceremony was a virtual one.  If what the Ministry says is true, Ethiopia will get $400 million from the World Bank. 

The $350 million will be made available in the form of grant while the remaining $50 million will have to be paid back as for it is a loan arrangement. 

Details of the string attached to the financial arrangement ( political, economic or cultural)  is largely left unspecified. What the ministry disclosed is that “The proceeds from the Loan and Grant will be used to improve the learning outcomes and nutrition services for girls and boys and strengthen service delivery and accountability, in all regions including areas affected by conflict, droughts, and high levels of refugees.” 

The financial arrangement is said to have a components of “Program for Results (PforR) and Investment Project Financing ” 

The allocation for the “PforR” component reportedly intended “to strengthen basic service delivery systems to mitigate the impact of the crises and improve learning outcomes and address stunting in selected Woredas.” 

And the Investment Project Financing (IPF) portion of the fund is planned for providing  “technical assistance and capacity building support for strengthening systems and delivery of quality services.” 

FBC, one of Ethiopia’s state media, on Friday reported that World Bank president Ajay Banga will be visiting Ethiopia. In his two day working visit, which starts on July 31, he will focus on identifying job creation opportunities for young people and women. 

A report from two weeks ago indicated that Ethiopia’s debt  continues to increase. US $3 billion debt was added this year. 

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1 COMMENT

  1. Who is going to pay the loan when Abiy’s Oromo controlled government is stealing and looting the country with no accountability rule in place? Actually lawlessness and looting is legalized in Ethiopia under the inept psychopath Abiy Ahmed rule.

    Ethiopia is emersed in debt, war, calamities and corrupted government cadres. The next government to come soon should not be held responsible to pay this massive loans looted by the corrupt and war mongering ruthless Abiy Ahmed regime that squandered the money on war, weapons and massacring his own people!.

    Now Abiy will go back to his ritual sacrifices and beliefs, planting trees to provide shade for massacred by Shimelis Abdissa criminals and starved Amharas.

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