The Government of the Federal Democratic Republic of Ethiopia and the World Bank have officially signed a significant financing agreement totaling USD 1 billion. This crucial funding, provided through a blend of grants and concessional loans, will support the nation's ongoing economic reform efforts under the Second Sustainable and Inclusive Growth Development Policy Operation (DPO).
This substantial commitment from the World Bank underscores its continued support for Ethiopia's ambitious and comprehensive reform agenda. The program is designed to reinforce recent government initiatives aimed at strengthening the financial sector's stability, enhancing trade competitiveness, and boosting domestic resource mobilization. Furthermore, it seeks to promote transparent and effective public sector governance and ensure the long-term sustainability of vital social services. These pillars are integral to Ethiopia's overarching macroeconomic and structural transformation.
The Government of Ethiopia expressed its deep gratitude to the World Bank for its unwavering and constructive partnership, particularly in supporting the reform priorities outlined in the Homegrown Economic Reform Program. This agreement highlights the robust and enduring collaboration between Ethiopia and the World Bank as they work towards shared objectives of inclusive and sustainable development.
The agreement was formally executed by Ahmed Shide, Minister of Finance, representing the Federal Democratic Republic of Ethiopia, and Maryam Salim, World Bank Division Director for Ethiopia, Eritrea, Sudan, and South Sudan, on behalf of the World Bank Group.