ADDIS ABABA, July 4 (Reuters) – Ethiopia said on Friday that it had signed a $1 billion financing agreement with the World Bank to support its economic reform programme and boost growth.
The money will bolster government efforts to ensure financial sector stability, enhance trade competitiveness and strengthen domestic resource mobilization, Ethiopia’s finance ministry said in a post on Facebook.
The World Bank said in a statement that the financing comprised a $650 million grant and a $350 million concessional loan.
It said that subject to board approval and resource availability, the World Bank Group’s International Development Association expects to give Ethiopia roughly $5 billion in new financing over the next three fiscal years.
The funding pledges follow the International Monetary Fund’s approval this week of the latest review of the East African country’s $3.4 billion loan programme, unlocking access to another $262.3 million tranche.
Reforms backed by the IMF include last year’s floating of the country’s birr currency and moves to open up the previously-closed economy to the private sector.
The IMF said it was important for Ethiopia to improve foreign exchange market functioning, boost domestic revenues, restore external debt sustainability and enhance fiscal transparency.
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