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 Bloomberg Terminal on Tuesday. The announcement came hours after the International Monetary Fund agreed to a $3.4 billion bailout package.

Source: Ethiopian News July 31, 2024 11:32 UTC