in Short

Ethiopia to get US$500 million from International funders amid Coronavirus crisis

The Directors Board of the World Bank has reportedly approved $US 500 million in funding to Ethiopia. $250 million is provided in the form of a grant while the remaining is a loan.

According to state-affiliated Fana Broadcasting Corporation (FBC), the financial aid is intended to support Ethiopia’s “homegrown economic development” plan. Specifically, it will help the improvement project in the telecom industry, power generation, and the private sector, according to the source.

The World Bank said on its website this past weekend that World Bank teams are preparing $1.7 billion worth of projects in 40 countries as part of the Fast Track Facility (FTC) assistance.

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