World Bank approves $290 mln for Ethiopia development

June 23, 2006 (WASHINGTON) — The World Bank on Thursday approved $289.7 million in loans and grants to Ethiopia for infrastructure improvement and financial sector development.

The bulk of the assistance would be directed to projects to improve roads, strengthen agricultural services and to expand access to electricity in rural communities, the World Bank said in a statement.

The funds include a $15 million grant to help Ethiopia develop its financial sector, the World Bank said.

Ethiopia, one of the world’s poorest countries, unveiled last month a $39.4 billion, 5-year economic development plan which the government hopes will boost annual economic growth to between 7 and 10 percent by the end of 2011 and slash poverty.

Economic expansion has averaged 6 percent in the last five years.

(ST)