Islamic Development Bank Vows to Continue Providing Support to Ethiopia

Addis Ababa, February 17/2024 (ENA)-Islamic Development Bank (IsDB) expressed its commitment to continue providing support to Ethiopia's development.  

This was disclosed during a bilateral discussion held between Finance Minister Ahmed Shide and President of the Islamic Development Bank Dr. Muhammad Al Jasser on the country's economic development activities on the sidelines of the ongoing 37th AU Summit in Addis Ababa.

 

During the occasion, Ahmed Shide stated that Ethiopia has overcome various challenges and registered economic and social changes.  

He explained that Ethiopia is playing a leading role in East Africa through the Horn of Africa Initiative and called on the Islamic Development Bank to become a member of the initiative.

The president of the Islamic Development Bank Muhammad Al Jasser pointed out that the partnership between Ethiopia and Saudi Arabia is natural.

The bank is supporting 44 projects in Ethiopia and confirmed that the Islamic Development Bank will continue its support to Ethiopia.  

At the end of their discussion, a grant financing agreement was signed for humanitarian services, Ministry of Finance revealed.  

 

According to information obtained from Islamic Development Bank, both parties reviewed ways to enhance cooperation through trade finance, scholarship, and capacity building in Islamic Finance.

Forging ahead with the commitment to fulfill its mandate and support vulnerable communities in non-member countries, IsDB Group announced the signing of a Grant financing agreement with the Yetim Children Care Center (YCCC). 

This critical scheme aims at expanding the current orphan care Center facility to provide additional boarding and vocational training opportunities for orphans in Ethiopia.