IMF Support Helps Ethiopia Unlock $16.6 Billion From World Bank
- Board approves $1.5 billion development policy operation
- Three-year financing package includes IFC, MIGA commitments
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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 International Development Association’s assistance includes a $1 billion grant and a $500 million concessional loan to help the Horn of Africa nation strengthen its financial sector and improve fiscal transparency, according to a World Bank statement on Tuesday. The announcement came hours after the International Monetary Fund agreed to a $3.4 billion bailout package.