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Second IDA replenishment meeting opens in Addis Ababa

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Addis Ababa, June 18, 2019 (FBC) –The second International Development Association (IDA) replenishment meeting opened in Addis Ababa today.

The event provides an opportunity to further discuss issues facing IDA countries and seeks partners’ guidance on policy and financing options.

In her opening remark, President Sahle-Work Zewde of Ethiopia commended IDA, a member of the World Bank Group, for its life-changing assistance to Ethiopia.

IDA’s assistance to Ethiopia’s agriculture and the Productive Safety Net Programme (PSNP) has brought remarkable results, the President said.

She further highlighted IDA’s role in improving education, health, social protection, gender equality, good governance, development of industrial parks, infrastructure and job creation in Ethiopia.

IDI provided not less than $5 billion for the development needs of Ethiopia in the form of grant and credit in 2017/18 and 2018/19 fiscal year.

Minister of Finance, Ahmed Shide, for his part said the World Bank is Ethiopia’s larges development financier.

In addition to its assistance to development projects, the Bank had made a budgetary support this budget year. It is also providing support to the ongoing reform initiatives.

Kristalina Georgieva, Chief Executive Officer (CEO) of the World Bank, said the convening of the meeting in Addis Ababa is a reward for Ethiopia’s effective use of IDA’s finical support and an encouragement for the reforms.

According to her, the World Bank is financing more than 13 billion birr development projects in Ethiopia. She further pledged that the bank will continue its support for the country.

The three-day meeting targets raising $80 billion, out of which the majority will be channeled to the Horn and Sub-Saharan Africa regions.

The first IDA replenishment meeting took place in Washington DC from April 14 to 15, 2019.