Wednesday, June 13, 2012

Ethiopia signs 400 million USD financing agreements with World Bank

Ethiopia and the World Bank on Tuesday signed three loan agreements amounting to 400 million US dollars to finance various existing projects.
 The first agreement amounting to 150 million US dollars will finance the Urban Water Supply and Sanitation Project, launched in 2007 to provide improved access to safe drinking water and sanitation facilities to urban areas.

It will increase access to improved clean drinking water and sanitation facilities for urban residents in Addis Ababa, Gondar, Hawassa, Jimma, Mekelle and DireDawa by promoting household latrines, hygiene and sanitation practices and constructing communal sanitation facilities.
 The second financing agreement amounting to 200 million US dollars will be used to finance the Electricity Network Reinforcement and Expansion Project.

 The Project is aimed to reinforce the country's electricity network by upgrading and extending the grid in order to improve the overall service delivery of the network.
 It will help to increase access by intensifying connections to existing households and villages in the areas already connected by the grid while at the same time enhancing connectivity in new areas.

 It will also help to develop markets for renewable energy and energy efficient products.
 The third financing agreement amounting to 50 million US dollars will be used to finance the Women Entrepreneur Development Project.

 This Project aims to increase the earnings and employment of micro and small enterprises owned by female entrepreneurs by improving access to financial services and by providing working capital and investment finance through a dedicated line of credit.
 It will also improve existing micro finance institutions' capacity to provide tailored products to these female entrepreneurs.

 Finance and Economic Development Minister, Sufian Ahmed and WB Country Director for Ethiopia, Guang Z. Chen signed the agreements. (ENA)

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