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Ethiopia to benefit as World Bank approves $300m rehabilitation funds for the country

Published

3 years ago

April 14, 2022

The World Bank has announced the approval of a whopping $300 million as rehabilitation funds for Ethiopia.

The newly approved funds, according to the global banking institution in a statement on Wednesday, will be used to rehabilitate those affected by conflict and its consequences in various parts of the East African country.

“Conflicts in Ethiopia have resulted in loss of lives, humanitarian crises, destruction of private and public assets and have left communities in dire need of support.

“The conflicts have also caused the displacement of thousands of people throughout Ethiopia and have further exacerbated the incidence of gender-based violence, particularly against women and girls,” World Bank statement said.

The World Bank also pointed out that the new funds will “support efforts to address the immediate needs of communities, rehabilitate infrastructure destroyed by conflict and increase community resilience to the impacts of conflict in a sustainable manner.:

“The $300 million will cover the needs of at-risk people in Afar, Amhara, Benishangul-Gumuz, Oromia and Tigray regional states, which host a large number of internally displaced people,” the statement added.

The World Bank’s deal with Ethiopia is the second if such to be entered with an African country this week following deals it signed with Senegal on Tuesday to finance four key projects worth a total of $495 million.

The Senegal deals, according to the global bank, will help improve education, electricity, economic development and road access to rural areas in the country which is undergoing an economic downturn.

Related Topics:Conflicts Ethiopia Featured World Bank

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Moroccan annual inflation rises to 0.8% in November

Published

23 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”