Germany on Monday provided a €100 million grant to Ethiopia to support the home grown economic reform in the horn African nation.Admasu Nebebe, Ethiopian State Minister of Finance and Mrs. Brita Wagner, Ambassador of Germany to Ethiopia signed the grant agreement via a virtual ceremony in line with the WHO recommended social distancing. The grant is to support Ethiopia’s economic reform agenda which is oriented on private sector development by improving the framework conditions for investments and for improved access to financial services for local and foreign private companies. It is recalled, the World Bank’s Board of Executive Directors over the weekend approved $500 million in grant and loan in to support of Ethiopia’s homegrown economic reform. The fund is to finance the second Ethiopia’s growth and competitiveness development policy operation (DPO) which is intended to accelerate the country’s economic growth and achieve its vision of becoming a lower-middle-income country. This operation is the second of a series of DPOs and provides both financial and technical support to Ethiopia’s economic reforms, the statement said.

Source: Ethiopian News March 24, 2020 08:15 UTC