World Bank Pledges $16.6 Bln Support to Ethiopia

The World Bank has committed to providing $16.6 billion in support to Ethiopia over the next three years.

This substantial financial boost aims to assist the largest economy in East Africa as it restructures its debt and opens up to foreign investors.

According to Bloomberg, the World Bank announced on Tuesday that the funding package will include a $1 billion grant and a $500 million concessional loan.

These funds are intended to help Ethiopia strengthen its financial sector and improve monetary transparency.

This announcement follows the International Monetary Fund's (IMF) approval of a $3.4 billion rescue package for Ethiopia earlier in the day.