The Minister of Finance Meets IFC’s Regional Director for East Africa

April 7, 2022

Minister of Finance Ahmed Shide held a meeting with Mrs. Jumoke Jagun-Dokunmu, Regional Director for International Financial Cooperation (IFC) to discuss with the Government on the future cooperation.

Mrs. Jagun-Dokunmu praised the strong relations of IFC with Ethiopia and explained the interests of the cooperation to support private sector investment and continue providing technical support for emerging markets such as Ethiopia in priority sectors such as energy, health, housing, and financial sector development.

The Minister expressed gratitude and appreciation for the continued support of IFC to the development of the private sector in Ethiopia. The support he said so far has been through the extensive technical and economic profitability studies for projects which have laid the ground for creating a conducive environment for the private sector in Ethiopia. He also said the Government of Ethiopia is appreciative of the support it has received in the execution of the liberalization of the telecommunications sector in the country. Furthermore, he added that Ethiopia awaits to see the implementation of the pipeline projects and thanked the cooperation for its readiness to continue to provide expertise and finance in priority fields which will support Ethiopia to overcome the challenges the private sector faces and support its recovery.

IFC is the wing of the World Bank group that provides finance to the private sector and given that the Government of Ethiopia is seeking to take the role of the private sector in the economy to the next level, the corporation is thought to be one of the key institutions to support the Government’s program.

A discussion was also made on how IFC can support the Government on the readiness of the financial sector as part of the process of opening the banking sector to foreign financial institutions. The regional director from IFC will also have meetings with the Governor of the National Bank of Ethiopia and other relevant institutions.