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Ethiopia launches three-year project to advance economic reforms

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Addis Ababa, August 23, 2019 (FBC) –Sponsored by the United States Agency for International Development (USAID), Ethiopia has launched a new three-year project to advance its ambitious economic reforms.

The new project called “Advancing Economic Diversification in Ethiopia,” was announced today in the presence of Governor of the National Bank of Ethiopia (NBE), Dr Yinager Dessie and US Ambassador to Ethiopia, Michael Raynor.

The project is key to identify promising areas of economic growth, to highlight constraints to such growth, and to devise strategies to address both the opportunities and the challenges.

In his remark, Dr Yinager said sustaining the economic growth, creating more jobs, improving the livelihoods of the people and macroeconomic stabilization are the main targets of the project.

Ambassador Raynor said “the US is deeply inspired by the Ethiopia’s reform agenda, which puts the interests of the Ethiopian people up front, and which has already made massive gains in broadening Ethiopia’s political space and economic opportunities.

“I’m particularly excited by the prospect for Ethiopia’s economic reforms to attract a critical mass of world-class private sector investments,” he said.

The Ambassador assured the Ethiopian Government of the United States support for the project and the reform agenda in general.

According to the Ambassador, the United States has invested over three billion dollars in Ethiopia in the last three years alone.

Over the past year, the US invested over 100 million dollars in new resources directly focused on supporting Ethiopia’s reform agenda, he said.