Ethiopia, World Bank Ink $250m Finance Deal

Jun 20 , 2020

The International Development Association (IDA), the World Bank's lending wing that provides lower interest rates, and Ethiopia have signed a 250-million-dollar loan and grant agreement. The agreement was signed over a video call between the Minister of Finance, Ahmed Shide, and Carolyn Turk, the World Bank country director for Ethiopia, Eritrea, Sudan and South Sudan, who is based in Addis Abeba. The funding will be used for combating the Novel Coronavirus (COVID-19) and helping the country accomplish its Second Growth & Competitiveness Programmatic Development Schedule. Half of the loan is a grant, while the remaining is a loan. The agreement is set to encourage private sector participation and promote good governance. It is further expected to support the change and transition the country is currently undergoing, according to a statement from the World Bank. The World Bank plans to deploy up to 160 billion dollars over the course of over a year to help more than 100 countries. This is aimed at protecting the poor and vulnerable, supporting businesses and bolstering economic recoveries.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...