World Bank to loan Ethiopia $3bn for economic reforms

Ethiopia is set to receive $3bn (£2.2bn) from the World Bank for "macroeconomic, structural and sectoral reforms", Prime Minister Abiy Ahmed has said. He also mentioned investment from the UAE and Saudi Arabia but did not go into more detail.

"This reaffirms both governments' and donors' partnership to transition Ethiopia to a prosperous and peaceful nation," Mr Abiy wrote on Friday.

On Wednesday the International Monetary Fund also said it had reached a preliminary agreement for a three-year, $2.9bn package to also finance Ethiopia's economic reforms.

Mr Abiy's economic ambitions including privatising Ethiopia's telecoms, energy, shipping and sugar industries. A domestic stock exchange is set to launch in 2020.

We anticipate additional resources from the United Nations agencies and EIB. This reaffirms both Governments’ and donors’ partnership to transition Ethiopia to a prosperous and peaceful nation. 3/3

— Abiy Ahmed Ali (@AbiyAhmedAli) December 13, 2019