World Bank assists Ethiopia with 4bn Dollars
The World Bank launched today (December 19, 2012) Country Partnership Strategy (CPS) for Ethiopia in which the Bank planned to provide 4 billion US dollars to the country for the coming four years supporting its Growth and Transformation Plan (GTP).
“One of the key pillars we focused on in the strategy is job creation,” said World Bank Country Director Guang Zhe Chen, speaking at the launching ceremony of CPS held this morning at the Sheraton Addis. “This is one of the key areas Ethiopia needs to focus at the moment…It is because jobs fight poverty and create opportunities. CPS is not only about the future, it is also about effective implementations of existing programs,” he said.
CPS, which used to be called Country Assistance Strategy, started July 1, 2012 will be implemented till June 30, 2016.
Sufian Ahmed Minister of Finance and Economic Development of Ethiopia, on his part noted that CPS is a testimony of the long standing collaboration between the country and the World Bank. The minister also urged the Bank to deliver finance on timely manner and review implementations accordingly.
GTP, which was launched by the Government of Ethiopia two and half years ago, ambitiously targets to double the economy of country shifting it from agrarian to industrialized nation by 2015. “Our priority is to continue the momentum of inclusive and job creating growth in Ethiopia,” said Ahmed Shide, State Minister of MoFED, uploading the ‘double digit growth’ recorded for about the last eight years.
Ethiopia and World Bank began relationship in 1955 and currently the country is the largest beneficiary in Africa.
Among others, CPS new elements include: macroeconomic issues such as job creation and public sector effectiveness. While extending partnerships with regions, development partners from emerging economies and private sector, academician as well as NGOs.
It also aims to deploy to a larger extent analytical work to support evidence-based dialogue; resume the budget support agenda, which the bank suspended after the 2005 Ethiopian election crises. CPS plans also to gradually increase utilization of the recently approved Program for Results (PforR) instrument.