Ethiopia Signs Three Financing Agreement with the World Bank
The Federal Democratic Republic of Ethiopia signed three Financing Agreements amounting to US$ 645 Million (Approximately ETB 14.7 Billion) in the form of Loan with the World Bank at a ceremony held at the Ministry of Finance and Economic Cooperation.
The proceeds from the first Loan amounting to US$ 445 Million (US$ 320 Million from IDA and US$ 125 Million from IDA Scale up Facility) will be used to finance the Second Phase Urban Water Supply and Sanitation project. The main objective of this project is to increase the access to enhanced water supply and sanitation service in an operationally efficient manner in 23 Cities in Ethiopia. The project will contribute towards achievement of the country’s GTP II target for water supply and urban sanitation.
The second loan amounting US$ 50 Million will be used for the implementation of the National Quality Infrastructure Development Project (NQI). The main objective of the project is to contribute to the improvement of the delivery of quality assurance services to enterprises in the targeted sectors. For this purpose the Ethiopian Standard Agency, the Ethiopian Conformity Assessment Enterprise, National Metrology Institute of Ethiopia and the Ethiopian National Accreditation office will be supported by this project through the direction and coordination of Ministry of Science and Technology. The project directly benefits private sector, private NQI service providers, regulatory authorities, and consumers to boost export.
The third loan amounting to US$ 150 Million will be used to finance the implementation of Trade Logistics Project. The purpose of the project is to enhance the performance of the Ethio-Djibouti transport corridor through improvements in operational capacity, efficiency and range of logistics service at the Modjo Dry Port to enhance competitiveness of the country.
H.E. Ato Admasu Nebebe, State Minister, Ministry of Finance and Economic Cooperation and Ms. Carolyn Turk, Country Director for Ethiopia, Sudan and South Sudan signed the financing agreement on behalf of the Government of Ethiopia and the World Bank, respectively.
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