You are now following the details of the Ethiopia signs $907 mn financing pact with World Bank news and now we leave you with the details
Mohamed Nass - Cairo - Ethiopia’s finance ministry signed a $907 million financing agreement with the World Bank on Friday geared towards improving access to financing, the fight against COVID-19 and electricity investment, it said.
Some $700 million was a loan and $207 million a grant, the ministry said in a statement.
The ministry said that $200 million will go towards small and medium businesses affected by the pandemic with the aim of easing their financing challenges.
Another $207 million will be for the deployment of COVID-19 vaccines and the remaining $500 million will be invested in efforts to increase access to electricity in the Horn of Africa nation.
Like other countries around the world, Ethiopia’s economy has been hit hard by the pandemic.
In February, the International Monetary Fund said that Ethiopia’s economic growth is projected to be two percent in 2020/21, largely due to the effects of the coronavirus, but it is expected to rebound to 8.7% in 2021/22 in line with a global recovery.
IMAGE: A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo, file. REUTERS/Kim Kyung-Hoon
These were the details of the news Ethiopia signs $907 mn financing pact with World Bank for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at egypt independent and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.