World Bank Approves $300m for Recovery Project


World Bank Approves $300m for Recovery Project

The World Bank has approved 300 million dollars in loans and grants for the Response-Recovery-Resilience Project. Approved last week, the project looks to meet the urgent needs of conflict-affected communities, targeting over five million people throughout the country. The project will support efforts to address the immediate needs of communities, rehabilitate/recover infrastructure destroyed by conflict, and increase community resilience to the impacts of conflict by improving access to basic services. The project prioritises support provision to the Afar, Amhara, Benishangul-Gumuz, Oromia, and Tigray regional states, which have been highly impacted by armed conflict and host large numbers of internally displaced persons (IDPs). Half of the 300 million dollars is provided as a grant. The majority of the financing (210 million) will go into a component dubbed "improving Access to Basic Services and Climate-resilient Community Infrastructure", which looks to establish improved access to basic services and climate-resilient community infrastructure for conflict-affected communities in selected weredas.  Since 1960, the World Bank has provided 458 billion dollars to 114 countries. Annual commitments have averaged around 29 billion dollars over the last three years, with over two-thirds going to Africa.

[ssba-buttons]

Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...