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Ethiopia: World Bank backs economic recovery with $904mln

Monday, 26 April 2021 16:17
Ethiopia: World Bank backs economic recovery with $904mln

(Ecofin Agency) - Ethiopia reached an agreement with the World Bank to receive $904 million. The money will support the country’s post-pandemic economic recovery.

According to official reports, the disbursement will be made in three tranches. $200 million will come as stimulus financing for small businesses and SMEs that have suffered the pandemic the most.

$500 million will improve access to electricity across the whole territory while strengthening private contribution to the sector. In recent years, the electricity sector has mobilized a large share of public funding, notably through the Grand Ethiopian Renaissance Dam, which aims to ensure the country's energy self-sufficiency. The energy surplus will be exported to the rest of the east African region.

The last tranche of $207 million will help in the fight against the covid-19 pandemic. According to the latest figures from Africa CDC, the disease has already affected at least 252,279 people in the country with 3,551 deaths and 192,747 recoveries. The Finance Minister says the funds will be used to provide financial support to reduce the impact of the pandemic in Ethiopia and ensure effective and equitable access to vaccines.

A total of $700 million was provided as a loan, while the remainder of the funding was provided in the form of grants.

Moutiou Adjibi Nourou

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