Ethiopia, World Bank Seal 200 Million USD Loan Agreement

May 9, 2021 

ADDIS ABABA—Ethiopia and World Bank signed 200 million USD loan agreements to support the implementation of Digital Foundation project. As to the information obtained from the Ministry of Finance and Economic Cooperation, the country signed a Financing Agreement to support the projects which will be implemented from April 2021 to October 2026.

During the signing ceremony Ahmed Shide, Minister of Finance and Economic Cooperation said that the financing of this project will directly contribute to Ethiopia’s digitization strategy, which pursues an inclusive digital economy approach that will catalyze Ethiopia’s broader development vision set out in the Ten-Year Perspective Plan for Prosperity.

He underscored that the project will also contribute to the job creation strategy through achieving inclusive digital economic plan of the country. He underscored that the project will serve to create mass job opportunity through supporting information technology and Telecommunication sectors and enhancing the participation of private enterprises on digital foundation.

As to him, the loan will be used for three purposes to implement the project: first, to strengthen the analog foundations of the digital economy, particularly policy-making, effective regulation for the telecommunications sector, and the development of digital entrepreneurship.

The second is the development of the capacity of the Government to deliver digital services through connecting targeted public institutions and educational institutions to a broadband network. The third is for nurturing digital entrepreneurship and incentivizes digital businesses to train, provide digital devices, and mobilize Ethiopians to participate in the digital economy thereby generating income and securing jobs.

BY TAMERU REGASA

The Ethiopian Herald May 9/2021