The World Bank has made a donation amounting to USD 907 million to Ethiopia; the donation agreement was signed by Finance Minister Ahmed Shide and World Bank Group Ethiopia Director Ousmane Dione. The funds are going to be used to finance three project types in the country.
USD 200 million is going to be used for small and medium scale enterprises, USD 500 million to electricity accessibility projects, and the remaining USD 207 million to COVID-19 treatment and prevention projects.
The financing being provided to small and medium scale enterprises is also a COVID themed fund as its primary targets are businesses that have been adversely affected by the pandemic, but have huge potential in contributing to the growth and development of the country with the necessary support.
Similarly, the electricity accessibility fund is intended to increase economic participation and drive the changes that the country is going through for the sake of development. The COVID-19 fund, besides going towards enhancing prevention and damage mitigation, is going to support vaccine rollout efforts and inclusive access to vaccines.
Health Minister Dr. Lia Tadesse, Water, Irrigation, and Energy State Minister Dr. Frehiwot Weldeha, the Ethiopian Development Bank’s President Dr. Yohannes Ayalew, and several other high-level government officials were also present at the signing ceremony.