Monday, June 24, 2024
HomeEthiopian NewsWorld Bank President says : "Ethiopia is a key country for the World...

World Bank President says : “Ethiopia is a key country for the World Bank” 

World Bank President _ Ethiopia visit
World Bank President, Ajay Bang, talks to Ethiopian PM Abiy Ahmed outside of the office of the Prime Minister ( Photo : PD)


World Bank President, Ajay Banga, is in Ethiopia for a two days official working visit. His visit was announced last week when the World Bank, virtually amid the Russia-Africa Summit, signed a $400 million finance agreement with Ethiopia.

His focus during the trip is said to be job creation for the youth and women in the country. 

On his first day in the country, he met with Prime Minister Abiy Ahmed and the Minister for Finance, Ahmed Shide and President of National Bank of Ethiopia, Mamo Mihretu who also used to work for the World Bank. 

From the report by state media, Mr. Ajay thinks that Ethiopia is building an economy that is capable of resisting challenges which he sees, reportedly, as “admirable.” 

After meeting Mr. Ajay, Abiy Ahmed wrote on his social media page “…Together with World Bank President Ajay Banga we visited two industries actively producing in one of our nationwide industry parks. Ethiopia has great potential and is creating a conducive environment for more investments in various industries.” 

EBC, Ethiopian State media, cited ENA to report that PM Aby Ahmed briefed  Ajay Banga about changes made to the “Home Grown Economic Plan”

Abiy Ahmed told Mr. Ajay, “Ethiopia has built and operationalized 13 industry parks that have enabled full time employment for thousands. We have also built and operationalized agro-processing industry parks.” 

Abiy took Ajay on a tour of the Bole Lemi Industrial Park on the outskirts of Addis Ababa city. 

Ethiopia _ Textile
Textile manufacturing at the Bole Lemi Industrial Park (Photo : PD)

According to EBC, Ahmed Shide and Ajay held a discussion that was focused on the reform to “the Home Grown Economic Plan” and development sectors that Ethiopia is “prioritizing.” 

Mr. Ajay reportedly said the discussion he held with Ethiopian officials were productive and an agreement was reached on issues that they work together. 

He is also cited as saying that “Ethiopia is a key country for the World Bank,” and that they will work together in the years to come in finance, professional support, and other partnership areas. 

When the now-defunct EPRDF picked up Abiy Ahmed to lead Ethiopia following Prime Minister Hailemariam Desalegn, the official U.S. dollar exchange rate was about 28 birr. Currently, Ethiopian banks are exchanging $U.S. 1 with over 54 Ethiopian Birr. 

There are unconfirmed reports that the world bank is pushing Ethiopia to further devalue its currency.  Earlier this year, Prime Minister Abiy Ahmed removed the Governor of the National Bank of Ethiopia, Yinager Dessie, and replaced him with former World Bank Employee, Mamo Mihretu. 


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  1. He is probably given an order to make the visit and say the stupid things he is saying, most likely.

    Saying all these nonsense, it would be very tragic thing if he believes what he saying himself.

    Going to a country that has jailed almost all the journalists in the country, committed genocide, waged and continues to wage war on its own citizen, and lead by a criminal psychopath, and he goes there and talks nonsense.

    What economy he is talking about, what does ” Ethiopia is building an economy that is capable of resisting challenges which he sees. . .” mean anyway?

    He sees? He needs eye check up, as soon as he returns back.

  2. People humbly request that you put an end to the mistreatment of ethiopian day laborers by fictitious foreign investors who pay pitiful wages and leave them struggling to make ends meet. These investors ruthlessly and carelessly deplete our nation’s resources. You must put the welfare of Ethiopian people first by providing fair pay and eradicating corruption. Please don’t use our people as pawns in your game, we beg you. Respect them, negotiate higher pay, and stop speculating with their life.
    Many have witnessed numerous instances of outsiders making fun of Ethiopians and drawing attention to Chinese companies’ exploitation of the country. No one disputes that they are creating jobs, but they are not providing higher wages that enable them to sustain their families. Chinese, Indian, and other nationalities, on the other hand, spend less and make more money when they live and work in any African nation.

    Down down Fanno ! Shame and dismantlement for fanno bishops and Mahibreseytan

  3. Anything that works towards to the widespread industrialization of that country is good news and should be encouraged. Mushrooming of factories be it industrial or agricultural is the only way that will deny fodder for destructive bigots and rabble rousers from the youth population. It is the only and effective way of weaning the hapless/unemployed youth from conniving hateful and war mongering groups. Just imagine the tremor that can erupt on global scale if that country of more than 125 million people goes belly up. That means 125 million people of which 60% are still young going in every direction. Most of these will be battle hardened monsters for whom bloodletting has been like a hit and extremely entertaining movie. To such young monsters there is no difference between a dead cow and a dead human being. We hear reports that there are young and university level educated people in their hundreds of thousands who have been unemployed for quiet sometime now. At some point such young unemployed people will stop sending their resumes to potential employers. They will just give up hope. That is when the conniving bigots and rabble rousers come in. They tell the disturbed youth they have the ultimate solution and the solution can only come out of the barrel of the guns. They tell that hopeless and gullible youth ‘You see that Amhara in your hood? He/she was the reason for your unemployment. Go and smoke him/her. You see that Oromo next to your house. He/she is that Oromummaa that took away all the employment from you. Go and blast him/her. Here is a spanking brand new AK47 for you’. This is what is fueling the unrest in both Amhara and Oromo regions. No matter how some of us want to embellish it that is the reality on the ground in those two regions. It is believed that many fighters in both OLA and Fano have university level education. Very sad but true. The main reason I have been advocating an all out industrialization is with such process comes sufficient employment and opportunities for personal upward mobility. It will usher the liberation of our glorious women as they will be flooding factories and out of their lifetime house imprisonment. We should all press and encourage companies who currently manufacture their products at foreign factories to give our old country a look/chance. The youth of that country does not need to get and raise guns. It needs sustaining jobs at factories and offices. Enough, enough, enough with violence and bloodletting. Enough is enough!!!


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