Ethiopia Signs Financing Agreements with the World Bank
Today, June 15, 2016 the Federal Democratic Republic of Ethiopia signed Five Financing Agreements amounting to 829 Million (approximately 18 Billion Birr) with the World Bank at a ceremony held in the Ministry of Finance and Economic Cooperation.
The proceeds from the first Loan amounting to US$ 300 million will be used to finance Transport System Improvement Project. The main objective of this project is to improve transport management and road safety in the city of Addis Ababa; support to federal transport institutions; and support to the improvement of integrated urban planning and transport systems.
The second loan amounting to US$ 200 million will be used to finance Small and Medium Enterprises. This loan will support to increase access to finance for Eligible Small and Medium Enterprises in Ethiopia. This will be achieved mainly through the establishment and operation of a credit facility, providing access to finance for working capital and leasing finance and investment finance for participating financial institutions which in turn on lend to SMEs.
The third loan amounting to US$ 200 million will be used to finance Electricity and Network Reinforcement and Extension Project.
The main objective of this project is to improve reliability of the electricity network and to increase access to electricity services in the country. The project will increase access to electricity by connecting new households and institutional customers (such as school and health centers) to the grid distribution system, all through provision of goods, works and technical advisory services, reinforcement and expansion of the electricity network by enter alia constructing or upgrading transmission lines and grid substations.
The fourth loan amounting to US$ 100 million will be used to finance the Development Response to Displacement Impacts Project. The objectives of the project are to improve access to basic social services, expand economic opportunities, and enhance environmental management for communities hosting refugees in various regions of the country.
implementation of the Eastern and Southern Africa Higher Education Center of Excellence Project. The main objective of this project is to support the country to strengthen selected eastern and southern African higher education institutions in the country to deliver quality post-graduate education and build collaborative research capacity in the regional priority areas. The African Railway Education and Research Institute; the Center for Innovative Drug Development & Therapeutic Trials for Africa; and the African Center of Excellence for Water Management (all three under Addis Ababa University), and the forth one African Center of Excellence for Climate Smart Agriculture & Biodiversity Conservation (of Haramaya University) will benefit from this finance.
H.E. Ato Abdulaziz Mohammed, Minister, Ministry of Finance and Economic Cooperation and Ms. Carolyn Turk, Country Director for Ethiopia, Sudan and South Sudan, World Bank, signed these financing agreements on behalf of the Government of Ethiopia and the World Bank, respectively.
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