The World Bank today approved $600 million in grants and loans for Ethiopia

Tigrai Online, March 22, 2018

H.E. Dr. Abraham Tekeste and Ms. Carolyn Turk, World Bank Ethiopia's Minister of Finance and Economic Cooperation, H.E. Dr. Abraham Tekeste and Ms. Carolyn Turk, World Bank Country Director for Ethiopia Sudan and South Sudan

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The World Bank today approved $600 million of the International Development Association (IDA) for the Federal Democratic Republic of Ethiopia. The three Financing Agreements include USD 127 million regular credit, USD 273 million grant and USD 200 million Scale-up Facility Credit will be used for the implementation of the Ethiopia Urban Institutional and Infrastructure Development Program indicated the World Bank news report.

“While the new investment builds upon the successes of ULGDP it also incorporates important lessons learned and introduces a new approach. This new approach will help Ethiopia to develop a strategy for sustainably financing urban development,” said Carolyn Turk, World Bank Country Director for Ethiopia.

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Ethiopia's Minister of Finance and Economic Cooperation, H.E. Dr. Abraham Tekeste and Ms. Carolyn Turk, World Bank Country Director for Ethiopia Sudan and South Sudan, signed the agreements on behalf of the Ethiopian Government and the World Bank.

Ethiopia is one of the fastest growing economies in the world. Despite the political instabilities the Ethiopian economy does not show any sign of slowing down.

Ethiopian People's Revolutionary Democratic Front – EPRDF Council which has 180 members comprised of 45 members each from the four major parties that make up the EPRDF has been in a meeting for a few days. The EPRDF Council is expected to elect a new prime minister because the current prime minister announced his resignation last month.