News Column

Ethiopia,United States : ETHIOPIA secured $380m loan from WORLD BANK for Infrastructure Development

May 9, 2014

The board of directors of the Washington-headquartered World Bank on last Friday has given approval for a loan worth $380 million to Ethiopia in order to support the country in its efforts for the development of infrastructure and facilities to enhance the capability of its urban councils.

The latest funding announcement from the board of the Bretton Woods institution is intended for helping the country in its second Urban Development Program (ULGDP II) for supporting 44 cities.

Releasing a statement on Tuesday, the World Bank s Country Director for Ethiopia - Guang Zhe Chen stated, Ethiopia is rapidly becoming more urban, which means poverty becomes more of a city phenomenon.

In 2000, 11 percent of Ethiopia s poor lived in cities, but this rose to 14 percent in 2010/11.

The bank official further said, Through efforts to leverage well-functioning and productive urban centers, the operation is expected to maintain a focus on the urban poor and increase access to basic infrastructure services, spur inclusive growth and fuel job creation.

The Ethiopian ULGDP is intended for tackling institutional gaps and fiscal deficits at the levels of urban local Government through facilitating enhanced performance in the planning, delivery, and persistent provision of urban facilities and infrastructure by local Governments.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters