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Ethiopia and World Bank Sign $1.15 Billion Loan Agreement

Tigrai Online, Oct. 19, 2012

Ethiopia and the World Bank signed late on Tuesday three loan agreements worth $400 million to finance various existing projects.
Ethiopian and the World Bank Signed two loan agreements worth 1.15 billion US dollars to support the transport sector and the Promotion of Basic Services Phase III project

Ethiopian and the World Bank Signed two loan agreements worth 1.15 billion US dollars to support the transport sector and the Promotion of Basic Services Phase III project.

The bank released the interest free credit totaling 1.15 billion US dollars on the basis of the Country Partnership Strategy which the bank approved recently.

The loan is particular targeted towards enhancing the access of services to poor people and to enhance the infrastructural development plans noted the statement.

The agreement means that the bank will mobilize 600 million birr for the third phase of the Promoting Basic Services program servicing an estimated 84 million people. The second loan will offer 415 million US dollars loan agreement to support the transport sector project.

The program, co-sponsored by the European Union the UK department for International Development and the African Development Bank has been able to hire 100 thousand new primary school teachers, 38 thousand health extension workers and 45 thousand agriculture extension workers since 2006 said the statement.

The program is expected to support Ethiopia in achieving several of the Millennium Development goals by providing the funding required to obtain key trained personnel.

Ethiopia’s new country strategy will focus on ‘fostering competitiveness and employment’ and ‘Enhancing resilience and reducing vulnerabilities’ said the statement.

Source: Ethiopian News Agancy

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