World Bank Puts $120m in Health Ministry Pouch
Money will be disbursed across several sectors, with preparations in place to ensure maximum benefits.
Addis Ababa, Ethiopia -Ã‚Â The World Bank and the Ministry of Finance & Economic Development (MoFED) signed a 120 million dollar loan and grant agreement on Friday, March 29, 2013, targeting the improvement of the health sector in Ethiopia.
The loan, which amounts to 100 million dollars, is an interest free loan from the International Development Assistance (IDA) arm of the World Bank, whilst the remaining 20 million dollars is a grant contributed by the governments of the United Kingdom and Norway, according to Rahana Ghandam(MD), the BankÃ¢â‚¬â„¢s risk team leader. The agreement was signed by Sufian Ahmed, minister of Finance & Economic Development, and Guang Zhe Chen, World Bank country director for Ethiopia, at the MinistryÃ¢â‚¬â„¢s office on King George Street.
The money will be disbursed over the coming four years, depending on the results achieved in the process. Read more