The World Bank has approved the disbursal of a USD 1.5 billion package for the ‘Ethiopia First Sustainable and Inclusive Growth Development Policy Operation.’
“While strengthening the financial sector, expanding trade options, and improving fiscal transparency, this engagement will also boost protections for poor and vulnerable households during periods of economic change,” reads a statement released by the World Bank today.
The announcement comes on the heels of a USD 3.4 billion extended credit facility green lit by the IMF, which was preceded by the liberalization of the Ethiopian foreign exchange system.
The World Bank’s financial package consists of a USD one billion grant and another half a billion in the form of a concessional loan from the International Development Association (IDA).
The IDA will provide Ethiopia with up to USD 6 billion over the coming three years while the International Finance Corporation (IFC) is considering USD 2.1 billion in investments, according to the statement.
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“Subject to the Board’s approval of new operations and availability of IDA resources, this implies a total financial package of over USD 16.6 billion in undisbursed and future commitments available over the next three years,” reads the statement.
The IDA and IFC are both members of the World Bank Group.
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