Wolfowitz renews World Bank support to Ethiopia

July 11, 2006 (ADDIS ABABA) — The Work Band President reiterated his support to Ethiopia’s efforts to improve the livelihoods, underlining that world’s richest countries have to meet their pledge to Africa.

In a press statement upon his arrival to the Ethiopian capital Monday, the president of the World Bank, Paul Wolfowitz, said “The Bank has supported Ethiopia’s efforts to improve the livelihoods of its people through the expansion of basic services-such as health, education, water and sanitation—with a renewed focus on quality, local empowerment and transparency.

“Our level of involvement in Ethiopia, working with other development partners, is predicated on sustained improvement in governance and accountability”, he further added.

Wolfowitz, who will visit Tanzania before to participate in the G8 summit on 15 July in in St. Petersburg, Russia, said he would plaid in favor of the African continent.

“We must deliver on the promises made last year to this great continent – to help provide the opportunity for the poorest Africans to lift themselves out of poverty and make steady progress toward a better life for future generations”.

Ethiopia is a critical partner in this effort and it represents one of the Bank’s largest portfolios in sub-Saharan Africa. Its stability and prosperity are crucial to the entire Horn of Africa, and I am very interested in learning about the economic and governance challenges facing the country and their impact on its prospects for growth.

The WB’s president will meet with Prime Minister Meles Zenawi and Parliamentary Leaders from different political parties, as well as representatives from civil society and the private sector.

Also he will visit Bahir Dar to “see first hand how efforts in service delivery are making a difference in the lives of the people of Ethiopia”. “I look forward to learning a great deal on this trip about this country and its fascinating people, history and culture.”

On July 1, 2006, the World Bank cancelled the International Development Association (IDA) debt of Ethiopia under the Multilateral Debt Relief Initiative (MDRI).

Ethiopia will receive an overall debt relief of US$3.616 billion, which is the total amount of additional IDA debt relief provided under the MDRI and the IDA portion of debt relief already committed under the Heavily Indebted Poor Countries (HIPC) Initiative.

(ST)