Ethiopia to Get $3 Billion Loan From World Bank
Good news for exhibitors of EthioWEETEX + EthioBig5 2022:
ADDIS ABABA – Prime Minister Abiy Ahmed said on Friday that Ethiopia will receive $3 billion from the World Bank to help strengthen reforms in its traditionally state-controlled economy.
The International Monetary Fund said it had reached a preliminary agreement for a three-year, $2.9 billion financing package to support Ethiopia’s economic reforms.
Abiy did not give more details on the World Bank funding. He said on his Twitter account that unnamed development partners have pledged more than $3 billion in addition to the World Bank and IMF funding.
The money will go toward macroeconomic, structural and sectoral reforms, he said.
“This reaffirms both Governments’ and donors’ partnership to transition Ethiopia to a prosperous and peaceful nation,” Abiy wrote.
Ethiopia’s State Minister of Finance, Eyob Tekalign Tolina, did not say when World Bank funds will be released, but told Reuters that once approved, the World Bank loan would also be disbursed over a three-year period.
The World Bank Ethiopia office did not respond to messages seeking comment.
Abiy promised to open the economy to private investment when he took office in 2018, aiming to modernize banking and telecoms and help provide jobs for more of Ethiopia’s 105 million people.
Summit Russia – Africa 2019. 23-24 in Sochi, Russia
The first-ever Russia-Africa summit had been held from Oct. 23-24 in Sochi, Russia, marking the culminating point of the return of Russia to Africa, with more than 20 African leaders and 3,000 delegates present. This convening is only another illustration of the recent increase in economic, security, and political-diplomatic engagements to foster Russia-Africa relations.
The recent Russia-Africa Economic Forum, which had been chaired by Russian President Vladimir Putin and Egyptian President Abdel Fattah el-Sisi had gathered Russian and African officials along with business leaders where they discussed and signed trade, economic, and investment agreements.EXPO Club had also received the invitation to attend the summit and participated over there actively exploring and opening new horizons and opportunities.Trade between Russia and sub-Saharan Africa started at low levels but increased rapidly to $4.8 billion last year from $1.8 billion in 2010. Russia-Africa trading relations are characterized by Russia’s main role as an exporter. In 2018, Russia’s exports to sub-Saharan Africa totaled $3 billion, while imports from sub-Saharan Africa came in at $1.7 billion.
Russia’s president Vladimir Putin said up to twenty billion dollars of African debt has been written off, as part of an initiative to ease the debt burden of countries on the continent.
‘‘Russia is one of the top ten largest suppliers of food to the African market. We export more agricultural products to the markets of third countries than weapons. Weapons amount to around 15 billion dollars while I think agricultural supplies make up about 25 billion dollars.’‘ Putin said.
And in a return to the peak of its Soviet influence days in the 1960s, education is becoming a key influence vehicle for Russia in African countries with everything from research support and scholarships to language schools and academic partnership
Ethiopia today is a country with a huge potential for development, therefore, investing in the development of various sectors of the economy today will result in large dividends from the investments tomorrow.
We are delighted to welcome you to Addis Ababa EthioWeetex + Ethio BIg 5 2020 held under the patronage of the Ethiopian Chamber of Commerce and The Federal Democratic Republic of Ethiopia Ministry of Trade, Ministry Of Water, Irrigation & Electricity and Ministry Of Construction.
Ethio WEETEX + Ethio Big 5 2020 offers great opportunity for the foreign entrepreneurs, exporters and other professionals to meet local government officials, importers, domestic traders and distributors on a single B2B platform, to expose their products and services and capitalize on the growing imports to Ethiopia, sell your goods on Ethiopian market as well as to importers from other African countries. It is time to seize the business opportunities offered by Ethiopia!
Don’t miss your chance to seize the unlimited business opportunities offered by Ethiopia today!
Our company EXPO CLUB FZE is registered in the United Arab Emirates. company activities is the organization and execution of international exhibitions on the African continent and, in particular, in Ethiopia. Participation in our exhibitions gives a great opportunity to organizations implementing trade and economic cooperation and investment projects.
Our company is pleased to invite manufacturers to participate in our exhibitions and help companies enter the African market!
We have vast experience in exhibitions based on the results of the prospects for the development of trade and economic relations between Ethiopia and other countries