The
bank will allocate $523 million to expand the Horn of Africa
nation's electricity network and boost renewable energy
generation, according to the ministry's statement.
An additional $500 million will go towards two projects aimed at
boosting access to food markets, including improving road
networks in rural areas, the statement said.
Ethiopia, which has also experienced foreign-currency shortages,
continues to feel the effects of the COVID-19 pandemic, a
two-year war in the northern Tigray region, and droughts,
floods, and locust invasions in parts of the country
The remaining World Bank funding will be allocated to improving
water supply and supporting programs in towns that employ
disadvantaged youths.
Typically, World Bank loans carry low to zero interest rates and
have repayment periods of 30 to 40 years.
(Reporting by Dawit Endeshaw; Writing by George Obulutsa;
Editing by Bate Felix)
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