Ethiopia sets to receive $350mln loan from World Bank to improve pastoralists’ lives
- Country:
- Ethiopia
The World Bank has allocated USD 350 million loan for Ethiopian government in an effort to improve the livelihoods of pastoralist communities in the country.
According to the statement issued by the Ministry of Finance of Ethiopia, of the total USD 280 million will be given in the form of concessional credit and USD 70 million in the form of grant.
The deal is signed by Amhed Shide, Minister, Ministry of Finance of Ethiopia and Carolyn Turk, World Bank Country Director for Ethiopia. The World Bank Group has been one of the major financiers of Ethiopian economic and social developments registered for many decades.
International Debt Statistics' 2019 edition portrays that Bangladesh was the largest International Development Assistance only, borrower with an external debt stock of USD 47.2 billion at end 2017, followed by Ethiopia (USD 26 billion), Ghana (USD 22 billion) and Sudan (USD 21.7 billion).
Reports show that by end of November 2018 the portfolio of Ethiopia's IDA from World Bank was close to USD 5 billion.
Also Read: Ethiopia to get €100mln loan from France to support ongoing economic reform
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