Ethiopia Signs Financing Agreement with the World Bank
March 9, 2018, The Federal Democratic Republic of Ethiopia signed two Financing Agreements amounting to USD 375 Million (approximately ETB 10.4 billion) in the form of loan with the World Bank at a ceremony held at the Ministry of Finance and Economic Cooperation (MoFEC).
The proceeds from the first Financing Agreement amounting to USD 250 million in the form of regular credit and USD 125 million Scale-up Facility Credit will be used for the implementation of the Ethiopia Electrification Program. This financing will enable to increase the connection of households to the electric grid thereby increasing access to electricity at the household level significantly.
H.E. Dr. Abraham Tekeste, Minister, Ministry of Finance and Economic Cooperation and Ms. Carolyn Turk, World Bank Country Director for Ethiopia Sudan and South Sudan, signed the agreements on behalf of the Ethiopian Government and the World Bank respectively.