Wednesday, February 8, 2023
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BusinessWBG COMMITS USD 1.8 BILLION for half of the current fiscal year

WBG COMMITS USD 1.8 BILLION for half of the current fiscal year

Fast-tracking its projects in Ethiopia, the World Bank Group (WBG), has decided to commit USD 1.8 billion for the period of six months in the current fiscal year, the biggest ever financial commitment in the bank’s history in such short period of time.

While signing a USD 470 million financing deal with Abraham Tekeste, Minister of Finance and Economic Cooperation (MoFEC), Carolyn Turk, WB country director for Ethiopia and South Sudan, said that the financing commitment the bank entered with Ethiopia is growing fast and in line with that the bank has been able to extend USD 1.8 billion for a period of six months in the current fiscal year.

The 470 million financing is planned to be channeled to ministries of education and livestock and fisheries, it was learnt.

Both the ministry of education and the ministry of livestock and fisheries will be receiving USD 300 million and USD 170 million, respectively, through the general quality education project and for the enhancement of productivity and commercialization of produces of the livestock and fisheries sectors. 

It’s to be recalled that, WBG has made a commitment of USD 5 billion for Ethiopia for the coming three years and have slotted more projects to receive billions in the coming five years’ time.  

The country director also presented three footballs as Christmas gifts to officials present at the signing ceremony.

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