Ethiopia inks $1.3 billion loan deal with World Bank

Ethiopia has entered a $1.3 billion deal with the World Bank to improve governance and fund pro-poor policies in regions worst hit by a drought and food shortages.

The global lender on Friday (September 29) announced that it had signed the loan and grant agreement.

Of the total amount, $700 million would be used to “improve equitable access to basic services and strengthen accountability” in education, health, agriculture and other sectors.

The remaining $600 million was a grant to finance the East African country’s “Rural Productive Safety Net” scheme, which is handing out cash or food to 8 million people in exchange for participation in public development projects, a statement added. Read more here.