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Government of Ethiopia Signed Financing Agreement with the World Bank

 

Government of Ethiopia Signed Financing Agreement with the World Bank
Today, 18th of June 2020, the Federal Democratic Republic of Ethiopia signed Financing Agreement with the World Bank (International Development Association) in support of the COVID-19 Supplemental Financing to the Second Ethiopia Growth and Competitiveness Programmatic Development Policy Financing. The financing amounts to US$ 250 million (approximately 8.61 Billion Birr); of which US$125 million is in the form of credit and while the remaining US$125 million is in the form of grant.
This operation that is provided in the form of budget support aims at boosting economic transformation by increasing private sector participation and promoting good governance practices. Overall, it targets to assist the on-going reform and transformation efforts in Ethiopia as well as the implementation of the recently approved Homegrown Economic Reform Agenda. Most importantly, the supplemental budget support will help the Government to quickly close the current financing gap due to the COVID-19 pandemic and minimize the impact of the crisis on continued implementation of the reform agenda.
The Financing Agreement was signed by H.E. Mr. Ahmed Shide, Minister of Finance and Ms. Carolyn Turk, World Bank Country Director for Ethiopia, Eritrea, Sudan and South Sudan.Due to global Coronavirus (COVID-19) outbreak, the signing was held via virtual ceremony following the World Health Organization (WHO) recommendation for social distancing.

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