Ethiopia signed 18.02 billion birr soft loan with the World Bank today (October 18) at the Ministry of Finance and Economic development.
The agreement was signed by Finance and Economic Development State Minister, Ahmed Shide, and World Bank Country Director for Ethiopia, Guang Z.Chen.
According to the State Minister, 10.6 billion birr of the loan will be used to finance projects of potable water, education and health facilities in localities of low income earning citizens.
The remaining 7.39 billion birr will be allocated to finance five road projects underway in different parts of the country.
He said: “The third round Public Basic Services(PBS) program is instrumental to bring in to success the five year Growth and Transformation Plan and ensure the economic benefits of the public through expansion of public services and roads “.
The PBS program which started 6 years ago has enabled the nation to train more than 100,000 primary school teachers, 38,000 health extension workers and 45,000 agriculture extension workers at national level.
World Bank Country Director for Ethiopia, Guang Z. Chen said: “World Bank’s decision to give the loans takes into account Ethiopia’s impressive performance in effective utilization of loans in providing basic public services”.
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Source: MFA – Oct. 17, 2012. Originally titled “Ethiopia signs 18.02 billion birr loan agreement”.
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