World Bank allocates $350 million for pastoralists in Ethiopia

The World Bank provides $350 million loan and grant to the government of Ethiopia’s effort to improve the livelihoods of pastoralist communities in the country.

The two sides ink a deal on Monday in Addis Ababa at the office of the Ministry of Finance of Ethiopia. Of the total, $280 million will be provided in the form of concessional credit and $70 million in the form of grant, according to the statement issued by the Ministry of Finance of Ethiopia on its official social media page.

The deal is signed by Amhed Shide, Minister, Ministry of Finance of Ethiopia and Ms. Carolyn Turk, World Bank Country Director for Ethiopia. The World Bank Group has been one of the major financiers of Ethiopian economic and social developments registered for many decades.

The 2019 edition of International Debt Statistics by the World Bank shows that Bangladesh was the largest International Development Assistance – IDA-only – borrower with an external debt stock of $47.2 billion at end 2017, followed by Ethiopia ($26 billion), Ghana ($22 billion) and Sudan, $21.7 billion.

Reports show that by end of November 2018 the portfolio of Ethiopia’s IDA from World Bank was close to $5 billion.