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Ethiopia Signs Financing Agreements with the World Bank

March 20, 2018, the Federal Democratic Republic of Ethiopia signed three Financing Agreements amounting to USD 600 Million (approximately 16.5 billion ETB) in the form of loan and grant with the World Bank at a ceremony held at the Ministry of Finance and Economic Cooperation (MoFEC).

The proceeds from the Financing Agreements amounting to USD 127 million in the form of regular credit, USD 273 million for grant and USD 200 million Scale-up Facility Credit will be used for the implementation of the Ethiopia Urban Institutional and Infrastructure Development Program. This financing will enable to enhance the institutional performance of participating urban local governments to develop and sustain urban infrastructure, services, and local economic development.

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.