Tuesday, 12 June 2012 17:42
Ethiopia and the World Bank signed on Tuesday three loan agreements amounting to $400 million to finance various ongoing projects.
The first agreement amounting to $150 million will be used to finance the Urban Water Supply and Sanitation Project launched in 2007 to provide improved access to safe drinking water and sanitation facilities to urban areas.
It will increase access to improved clean drinking water and sanitation facilities for urban residents in Addis Ababa, Gondar, Hawassa, Jimma, Mekelle and Dire Dawa by promoting household latrines, hygiene and sanitation practices and constructing communal sanitation facilities.
The second financing agreement amounting to $200 million will be used to finance the Electricity Network Reinforcement and Expansion Project.
The Project is aimed to reinforce the country's electricity network by upgrading and extending the national grid in order to improve the overall service delivery of the network.
It will help to increase access by intensifying connections to existing households and villages in the areas already connected by the grid while at the same time enhancing connectivity in new areas.
It will also help to develop markets for renewable energy and energy efficient products.
The third financing agreement amounting to $50 million will be used to finance the Woman Entrepreneur Development Project.
This Project aims to increase the earnings and employment of micro and small enterprises owned by female entrepreneurs by improving access to financial services and by providing working capital and investment finance through a dedicated line of credit.
It will also improve the capacity of existing micro finance institutions to provide tailored products to female entrepreneurs.
Finance and Economic Development Minister, Sufian Ahmed and World Bank Country Director for Ethiopia, Guang Z. Chen signed the agreements.