The World Bank approved 700 million dollars in credit from the International Development Association (IDA) to scale up support for the financial sector. The funds are targeted at modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), supporting governance reforms, balance sheet restructuring, and recapitalization of the Commercial Bank of Ethiopia (CBE), and transforming the Development Bank of Ethiopia (DBE) into a sustainable development finance institution. The move is part of the Word Bank’s Financial Sector Strengthening Project (FSSP) which aims to improve stability by addressing weak public financial institutions and inadequate regulatory frameworks. Maryam Salim, country director of the World Bank, stated that the project aims to "build a more resilient and accessible financial system."
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