By Fasika Tadesse The World Bank pledged $16.6 billion of funding to Ethiopia over three years, providing a fillip to eastern Africa’s biggest economy as it restructures its debt and opens up the nation to foreign investors.
The World Bank pledged $16.6 billion of funding to Ethiopia over three years, providing a fillip to eastern Africa’s biggest economy as it restructures its debt and opens up the nation to foreign investors.
“The World Bank is committed to supporting Ethiopia’s aspiration of becoming a middle-income country,” the lender said. “Subject to the board’s approval of new operations and availability of IDA resources, this implies a total financial package of over $16.6 billion in undisbursed and future commitments available over the next three years.”
“Addressing the distortions created by Ethiopia’s deep structural imbalances will take time and a challenging transition period,” Jacques Nel, an economist at at Oxford Economics Africa, said in an report on Tuesday. “That said, the front-loaded loan facility and accompanying debt-service restructuring will mitigate the spillover effects of the comprehensive reform exercise.
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