RSS   Newsletter   Contact   Advertise with us

Ethiopia to get $500 million from World Bank

Christian Fernsby ▼ | March 24, 2020
The Directors Board of the World Bank has reportedly approved $500 million in funding to Ethiopia.
Life in Africa   Ethiopia
$250 million is provided in the form of a grant while the remaining is a loan.

Topics: Ethiopia World Bank

According to state-affiliated Fana Broadcasting Corporation (FBC), the financial aid is intended to support Ethiopia’s “homegrown economic development” plan.

Specifically, it will help the improvement project in the telecom industry, power generation, and the private sector, according to the source.

The World Bank said on its website this past weekend that World Bank teams are preparing $1.7 billion worth of projects in 40 countries as part of the Fast Track Facility (FTC) assistance.

Moreover, it said, “…Operations in Afghanistan and Ethiopia are the most advanced, and will be presented to our Board next week…”

The World Bank was part of the negotiation between Ethiopia, Sudan, and Egypt regarding the filling and operation of the Dam.

It was involved in the negotiation as an “observer.”