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World Bank Approves US$600 million New Funding for Ethiopia.

Tigrai Online, Sept. 26, 2012

World Bank Approves US$600 million New Funding to Improve Delivery of Education, Health and Other Services in Ethiopia.

WASHINGTON, September 25, 2012 – The World Bank’s Board of Executive Directors today endorsed a new Country Partnership Strategy (CPS) for Ethiopia to build on the country’s development progress over the last five years of its previous country strategy and to help its government and communities go further in their efforts to create more growth, more jobs, better health and education, and significantly less poverty. 

Consistent with the new CPS, the Board approved two International Development Association (IDA*) interest-free credits totaling US$1.15 billion to support Ethiopia’s commitment towards expanding the reach of key services to poor people across the country, and further develop its road networks to help promote better regional trade and internal travel.

As a result of today’s decisions, the World Bank Group will mobilize US$600 million in development financing for the third phase of the Promoting Basic Services (PBS III) program, which serves approximately 84 million people across Ethiopia, and is co-financed by the Government of Ethiopia, and other development partners such as the European Union, the UK Department for International Development, the African Development Bank, Italy, Austria and others. 

Source: World Bank