WorldBank Archives - Ethio Negari

31 Jul

Ethiopia Secures Over $16 Billion from World Bank

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, Debtrelief, EthioNegari, Ethiopia, Ethiopianews, Grants, IMF, Loanburden, WorldBank

The World Bank has granted more than $16 billion in financial assistance to Ethiopia. The World Bank's Board of Directors announced that it will provide $16.6 billion in loans and assistance to Ethiopia over the next three years. According to the World Bank's website, the financial aid and loans will support Ethiopia's ongoing economic reforms. The bank stated that $1 billion of the approved funds will be direct support, while $500 million will be an extended loan. Additionally, the World Bank has announced several support frameworks to aid Ethiopia's indigenous economic reforms. Specifically, $1 billion will be direct aid, $500…

19 Jul

Paris Club and China Approve New IMF Loan for Ethiopia

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, China, EthioNegari, Ethiopia, Ethiopianews, IMF, loan, Parisclub, WorldBank

The International Monetary Fund (IMF) halted loans and aid to Ethiopia following the outbreak of war in northern Ethiopia in 2019. After the peace agreement ended the two-year conflict, Ethiopia requested a new loan from the IMF, including the previously blocked funds. However, repeated discussions did not yield the expected results. Before the IMF could approve the loan, the Paris Club, a group of 20 developed creditor countries, needed to evaluate and approve Ethiopia’s request. Bloomberg reported that the Paris Club assessed Ethiopia’s repayment capacity and granted permission to the IMF to proceed. In addition to the Paris Club, China,…

23 May

Ethiopia Secures Over $4 Billion from Loans and Grants in 9 Months

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, EthioNegari, Ethiopia, Ethiopianews, Grants, IMF, WorldBank

The Ministry of Finance has presented its nine-month financial report to the House of Representatives. According to the report, Ethiopia has received $4.5 billion from loans and grants over the past nine months. Of this amount, 54 percent came from grants, while $849 million was obtained through loans. The World Bank contributed $1 billion of the total, reflecting a strong relationship between Ethiopia and the institution. The Ministry of Finance also reported that 356.5 billion birr was targeted for tax collection, with 338 billion birr successfully collected. Additionally, 739 million birr was collected from current and overdue payments from government…

05 Apr

Ethiopia Inks $1.72 Billion Finance Agreement with World Bank

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, EthioNegari, Ethiopia, Ethiopianews, Grants, WorldBank

Ethiopia has secured a significant financial boost, receiving more than $850 million in grant from the World Bank. The Ministry of Finance recently announced the signing of a monumental agreement between Ethiopia and the World Bank, totaling $1.72 billion, equivalent to 97 billion birr. The agreement, a testament to the collaborative efforts between Ethiopia and the World Bank, was formalized through the signatures of Finance Minister Ahmed Shide and Ousmane Dione, the World Bank's representative for Sudan and South Sudan. Of the total financial assistance received, $850 million is earmarked for various developmental projects across Ethiopia. Specifically, $500 million of…

20 Dec

Ethiopia Requests $3.5 Billion Loan from IMF

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, Amharanews, EthioNegari, Ethiopia, Ethiopianews, IMF, WorldBank

Reuters has reported that Ethiopia is currently in talks with the International Monetary Fund (IMF) to secure a $3.5 billion loan aimed at supporting its ongoing economic reform and addressing its financial crisis. The report highlights that Ethiopia has formally requested a special loan from the IMF to assist in covering its annual budget deficit. During a meeting with international bond buyers last week, government officials expressed confidence in reaching a loan agreement with the IMF within the first three months of 2024. The report also indicates that the country's foreign currency reserve for import trade is less than one…

14 Dec

World Bank and IMF exempt $4.5 billion in loans for Somalia

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, EthioNegari, Ethiopia, Ethiopianews, IMF, loan, Somalia, WorldBank

The government of Somalia celebrated a significant milestone as the IMF and World Bank granted $4.5 billion in debt relief. Prime Minister Hamza Abdi Barre emphasized that this relief, part of the Heavily Indebted Poor Countries (HIPC) program, symbolizes Somalia's financial viability and attracts foreign investment. The relief, inclusive of forgiveness from various creditors, reduces Somalia's external debt from 64% of GDP in 2018 to less than 6% by the end of 2023. PM Barre sees this as a monumental opportunity, allowing Somalia to invest in development, revitalize the economy, and access loans from international institutions. In contrast, Ethiopia faces…

29 Aug

World Bank grants $730 million to modernise Ethio-Djibouti transport

ethionegari@gmail.com0 CommentsBusiness, News, PoliticsAddisAbaba, EthioDjibouti, EthioNegari, Ethiopia, Grants, Roadtransport, WorldBank

The Ministry of Finance and the World Bank have signed a $730 million support agreement for the African Regional Economic Corridor Project (Ethio-Djibouti Corridor Project). The project will strengthen Ethiopia's logistics and communication capacity in a manner linked to the strategic Addis Ababa-Djibouti corridor, which accounts for 90 percent of Ethiopia's maritime trade. According to the agreement, financial support will be provided for the construction of the Meoso-Deredawa road. The Ministry of Finance announced that the construction will increase the capacity and efficiency of transportation. Other infrastructures, including access to health, water and education services, will be supported for citizens…

09 Aug

Safaricom receives $257 million to boost digital financing in Ethiopia

ethionegari@gmail.com0 CommentsBusiness, News, Politics, TechnologyAddisAbaba, EthioNegari, Ethiopia, GPE, IFC, MIGA, Mpesa, Safaricom, Safaricomethiopia, WorldBank

Safaricom Ethiopia is set to receive funds from the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA), members of the World Bank Group. The company will receive support in the form of full equity investment, a loan and guarantees to support the on-going construction and operation of their greenfield telecommunications network to drive digital connectivity across Ethiopia. The deal between the two parties was officially closed two months after the IFC's agreement to invest $157.4 million in equity in Global Partnership for Ethiopia BV (GPE) and a $100 million A-loan into its subsidiary, Safaricom Ethiopia Plc. “The progress…

28 Jul

World Bank grants $400 million to Ethiopia

ethionegari@gmail.com0 CommentsBusiness, News, PoliticsAddisAbaba, Ahmedshide, EthioNegari, Ethiopia, Grants, loan, WorldBank

Ethiopia and the World Bank have signed a $400 million financial support agreement for human resource development in an online ceremony. Of the $400 million signed in the agreement, $350 million are development support and $50 million are loans. The financial support is used for the development of human resources and to improve the quality and effectiveness of education and to enhance the service of the food system. The Ministry of Finance announced that girls and teenagers across the country will benefit from the World Bank's financial support. The human resource development service includes areas affected by conflict and drought…

20 Jul

Ethiopia Requests $12 billion loan from IMF and WB

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, EthioNegari, Ethiopia, IMF, loan, WorldBank

Ethiopian government has requested a loan of $12 billion for the implementation of the second indigenous economic program. The loan and grants requested is to recover the foreign debt owed by the International Monetary Fund, the World Bank and other financial organizations. Mr. Teklewold Atnafu, the Prime Minister's Economic Adviser, told Reporter that Ethiopia's current relations with US, France and other countries are in good steps, and the loan can be obtained. The advisor added that, Ethiopia has requested to reschedule the loan repayment period and there is hope that the loan will be released after negotiations. The US Congress…