Items filtered by date: Monday, 20 March 2017

Addis Ababa  March  20/2017 World Bank (WB) President Jim Yong Kim yesterday announced a record 57 billion USD to finance Sub-Saharan African countries over the next three fiscal years.

The bulk of the financing 45 billion USD will come from the International Development Association (IDA), the World Bank Group’s fund for the poorest countries.

The financing for Sub-Saharan Africa also will include an estimated 8 billion USD in private sector investments from the International Finance Corporation (IFC), a private sector arm of the Bank Group, and 4 billion USD in financing from International Bank for Reconstruction and Development, its non-concessional public sector arm.

 “This represents an unprecedented opportunity to change the development trajectory of the countries in the region,” President Jim Yong Kim said.

He stated that “With this commitment, we will work with our clients to substantially expand programs in education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure, and institutional reform.”

The IDA financing for operations in Africa will be critical to addressing roadblocks that prevent the region from reaching its potential. 

To support countries’ development priorities, scaled-up investments will focus on tackling conflict, fragility, and violence; building resilience to crises including forced displacement, climate change, and pandemics; and reducing gender inequality.

Efforts will also promote governance and institution building, as well as jobs and economic transformation. 

“This financing will help African countries continue to grow, create opportunities for their citizens, and build resilience to shocks and crises,” the president noted.  

While much of the estimated 45 billion USD in IDA financing will be dedicated to country-specific programs, significant amounts will be available through special “windows” to finance regional initiatives and transformative projects, support refugees and their host communities, and help countries in the aftermath of crises.

This will be complemented by a newly established Private Sector Window (PSW) especially important in Africa, where many sound investments go untapped due to lack of capital and perceived risks.

The Private Sector Window will supplement existing instruments of IFC and the Multilateral Investment Guarantee Agency (MIGA) – the Bank Group’s arm that offers political risk insurance and credit enhancement – to spur sound investments through de-risking, blended finance, and local currency lending.

This World Bank Group financing will support transformational projects during the FY18-20 period. IBRD priorities will include health, education, and infrastructure projects such as expanding water distribution and access to power.

The priorities for the private sector investment will include infrastructure, financial markets, and agribusiness.

IFC also will deepen its engagement in fragile and conflict-affected states and increase climate-related investments.

Expected IDA outcomes include essential health and nutrition services for up to 400 million people, access to improved water sources for up to 45 million, and 5 GW of additional generation capacity for renewable energy.

Published in Economy

Addis Ababa  March 20/2017 China’s State Councilor Yang Jiechi said his country will continue supporting socio-economic development in Africa.

President Mulatu Teshome and China’s State Councilor Yang Jiechi held discussion today about ways of further strengthening the relationship between their two countries.

Following the discussion with the president, State Councilor Jiechi told journalists that China for one will continue to support the integration of Africa.

He said “this great continent has a lot of opportunities for growth; but it is also confronted with challenges.”

“We discussed how to further push forward the relationship of Ethiopia and China to make sure that this comprehensive strategic partnership achieves more and even greater results”, Jiechi stated.

President Mulatu pointed out about the need to strengthen the socio-economic situation in his country, including education, health and affordable housing as well as infrastructural development that need assistance from China.

Chinese companies and investments are flowing to Africa in general and to Ethiopia in particular in areas of infrastructural development and other investment areas, he added.

The two sides have also discussed about ways of encouraging investment in Ethiopia. 

The One Belt, One Road Forum to be held in May 2017 in China is expected to further strengthen the bilateral relationship between China and Africa. 

Published in Politics

Addis Ababa  March  20//2017 The cooperation between China and Ethiopia should play even more exemplary role to African countries by pushing forward the relationship and friendship between the two countries, China’s State Councilor Yang Jiechi said.

After conferring with the Prime Minister Hailemariam Dessalegn here today, State Councilor Jiechi said he had extensive discussion with the premier to further enhance the strategic partnership between Ethiopia and China.

According to him, the officials discussed various possibilities for cooperation in different areas. “A lot has already been achieved in social and economic areas,” he added.

Mentioning China’s support to Ethiopia in building railway and industrial parks development, Jiechi pointed out that China “will continue to assist in whatever way it can the infrastructural development of the country.”

The state councilor noted that Ethiopia is a very important country in Africa and a strategic partner of China.

“I think Ethiopia’s economy is going from strength to strength and this country actually leads Africa in terms of the speed of economic and social development,” State Councilor Jiechi said.

China and Africa can cooperate in wider areas to promote economic integration, he further pointed out.

Prime Minister Hailemariam said on his part China is a key partner for Ethiopia’s economic growth endeavors.

Ethiopia needs more Chinese support in infrastructural and industrial parks development, he indicated.

Published in Politics

Addis Ababa  March 20/2017  Ethiopia has launched its first Agricultural Extension Strategy today.

Speaking at a workshop organized for the launching of the strategy for stakeholders, Agriculture and Natural Resources Minister Dr. Eyasu Abreha said the strategy will create effective and efficient agricultural extension system in the country.

According to the minister, the strategy will use market-oriented, demand driven and pluralistic practices and methods.

Besides, it will contribute significantly to the attainment of food and nutrition security, poverty reduction, and wealth creation.

In this regard, he said, it can play a crucial role to improve agricultural productivity and livelihood of smallholders by developing innovative, systematic and dynamic agricultural services.

The strategy is meant to be implemented by smallholding farmers, pastoralists and semi-pastoralists across the country, it was indicated.

Furthermore, the agricultural extension strategy will benefit females and youth.

The minister stated that the strategy will serve as an umbrella for the agricultural sub-sectors, including crops, livestock and fishery, natural resources management and other cross cutting issues.

The agricultural extension services have greater potential to help farmers throughout the years.

In this respect, research-based agricultural extension service has been provided since 1953 by Haremaya University.

The Agricultural Extension Strategy   launched today was developed based on consultative and interactive processes facilitated by the Ministry of Agriculture and Natural Resources and Agricultural Transformation Agency.

Published in Economy

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