WB Pledges to Provide 5.7 Billion USD Support for Ethiopia in Coming Three Years

July 07,2022 (ENA) The World Bank (WB) has pledged to provide 5.7 Billion USD support for Ethiopia in the coming three years.

Deputy Prime Minister and Foreign Minister, Demeke Mekonnen, held talks with World Bank Managing Director of Operations, Axel van Trotsenberg in Dakar, Senegal, today.

Demeke is in Dakar to attend a meeting of the International Development Association (IDA2022), an institution of the WB which supports Africa's recovery.

 The World Bank has allocated 66 billion USD out of the 93.5 billion USD allotted to low-income countries through IDA 2020 to 39 African countries

Of this WB has pledged 5.7 billion USD for Ethiopia over the next three years.

During the discussion, Demeke expressed his confidence that the bank will continue supporting the peace process in Ethiopia and the effort of reconstruction.

Trotsenberg on his part reaffirmed the bank's commitment to support infrastructure development, social development, agriculture, regional integration and economic development over the next three years.

The deputy premier thanked the World Bank for its support to Ethiopia and said Ethiopia is working to achieve the country's prosperity by formulating the Home Grown Economic Reform, a clear domestic economic policy.

The Deputy Prime Minister and Foreign Minister invited the World Bank Managing Director to visit Ethiopia.