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Ethiopia Signs $1.3bn World Bank Deal

Ethiopia has entered a $1.3 billion deal with the World Bank to improve governance and fund pro-poor policies in regions worst hit by a drought and food shortages.

The global lender on Friday (September 29) announced that it had signed the loan and grant agreement.

Breakdown of $1.3bn facility

Of the total amount, $700 million would be used to “improve equitable access to basic services and strengthen accountability” in education, health, agriculture and other sectors.

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The current positive investor sentiment towards Ethiopia could be enhanced by reforms to improve the business climate. A more flexible exchange rate would help competitiveness.

The remaining $600 million was a grant to finance the East African country’s “Rural Productive Safety Net” scheme, which is handing out cash or food to 8 million people in exchange for participation in public development projects, a statement added.

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Written by PH

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