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Ethiopia Draws Record Inflows in Abiy's First Year in Office

  • World Bank committed more than $4 billion financing to country
  • Africa’s fastest-growing economy seeks to plug budget deficit
Abiy Ahmed welcomes French President Emmanuel Macron in Addis Ababa in March.
Abiy Ahmed welcomes French President Emmanuel Macron in Addis Ababa in March.Photographer: Ludovic Marin/AFP via Getty Images
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Ethiopian Prime Minister Abiy Ahmed attracted a record $13 billion of inflows in his first year in office, as he moves to reform the nation’s economy by allowing in more foreign capital.

The funds, some from the World Bank, come as the Horn of Africa country seeks to plug a funding gap that the International Monetary Fund has said poses risks to the nation’s medium-term outlook. Last year, Abiy pledged to open up the state-owned telecoms company and airline to foreign investors for the first time.