Addis Ababa, August 1, 2023 (FBC) – The World Bank President Ajay Banga reiterated the Bank’s support for accelerated economic and social recovery efforts to achieve inclusive growth in Ethiopia.
The new President of the World Bank Group made the vow while discussing with Ahmed Shide, Finance Minister of Ethiopia, It is known that Mr. Ajay Banga is paying a 2-day official working visit to Ethiopia since yesterday, July 31, 2023.
The Finance Minister and the WBG President discussed various issues pertaining to mutual interest, including Ethiopia’s development priorities and the various areas to enhance the partnership between the World Bank and Ethiopia.
Minister Ahmed briefed Mr. Banga of the contributions of the World Bank-supported projects in tackling Ethiopia’s major development issues and stressed the significance of effective development cooperation for sustained and inclusive growth.
He also briefed him on the opportunities and challenges of implementing the Second Home-Grown Economic Reform (HGER 2.0) agenda to accelerate economic transformation through improved productivity and competitiveness. He requested support from the Bank for the ambitious reform agenda in light of the macroeconomic challenges and development needs of the country.
Minister Ahmed also shared some of his expectations from the Bank’s reform process, including the importance of aligning it with the urgent needs of low-income countries, especially given unprecedented poverty challenges. The Minister applauded the president for his immediate role in the Bank’s own reform process which among others the recently announced steps to enhance the Bank’s financial capacity.
The new president of the World Bank Group commended Ethiopia’s reform efforts and reiterated the World Bank’s support for accelerated economic and social recovery efforts to achieve inclusive growth.
Mr. Banga shared his observations from his visit to Bole Lemi Industrial Park and highlighted the importance of creating an enabling environment for the private sector to unleash its potential for job creation and growth.
Both sides agreed to strengthen their partnership and work closely for the development of Ethiopia.
It is noted that Ethiopia became Mr. Banga’s first stop in Africa since he officially took office on June 2, 2023. The WB President together with Prime Minister Abiy Ahmed this morning visited the manufacturing industries in the Bole Lemi Industrial Park.