World Bank assisted Ethiopia with $250m loan for youth development
Ethiopia gets $250m World Bank loan for youth development
May 22, 2014
The
Ethiopian Government has received $250m World Bank loan to finance
employment generation projects as part of its five-year comprehensive
Growth and Transformation Plan.
The Ethiopian Government had in 2010 initiated the GTP for 2010-2015.
The plan is aimed at developing a comprehensive youths and women employment strategy through the establishment of small and medium scale entrepreneurial training centres across cities of the country.
The agreement was signed on Wednesday in Addis Ababa by the Ethiopian Minister of State for Finance and Economic Development, Ahmed Shide.
The minister said the loan would be used to creating new jobs in manufacturing sector through the development of industrial zones to enhance linkages with the local economy.
Shide said, “The establishment of various industrial zones would attract both foreign direct and domestic investments to Ethiopia.
“The country is now establishing industrial zones to use as platform for catalysing investment and job creation, with a focus on manufacturing exportable products to enhance revenue generation.”
He said the project would provide large and medium-sized firms with new serviced industrial land and buildings.
Others include water, electricity and transport connections as a one-stop shop to reduce costs of doing business.
According to him, the loan would be utilised to target small to medium enterprises that will act as local suppliers for the light manufacturing sector.
He said it would target the institutes which would be involved in project implementation, developing skills and training of service providers to deliver adequate service to the larger manufacturing companies.
World Bank’s Country Director for Ethiopia, Guang Chen, said the project would help strengthen government’s jobs agenda by drawing lessons learnt from global practices and attracting new investors.
The Ethiopian Government had in 2010 initiated the GTP for 2010-2015.
The plan is aimed at developing a comprehensive youths and women employment strategy through the establishment of small and medium scale entrepreneurial training centres across cities of the country.
The agreement was signed on Wednesday in Addis Ababa by the Ethiopian Minister of State for Finance and Economic Development, Ahmed Shide.
The minister said the loan would be used to creating new jobs in manufacturing sector through the development of industrial zones to enhance linkages with the local economy.
Shide said, “The establishment of various industrial zones would attract both foreign direct and domestic investments to Ethiopia.
“The country is now establishing industrial zones to use as platform for catalysing investment and job creation, with a focus on manufacturing exportable products to enhance revenue generation.”
He said the project would provide large and medium-sized firms with new serviced industrial land and buildings.
Others include water, electricity and transport connections as a one-stop shop to reduce costs of doing business.
According to him, the loan would be utilised to target small to medium enterprises that will act as local suppliers for the light manufacturing sector.
He said it would target the institutes which would be involved in project implementation, developing skills and training of service providers to deliver adequate service to the larger manufacturing companies.
World Bank’s Country Director for Ethiopia, Guang Chen, said the project would help strengthen government’s jobs agenda by drawing lessons learnt from global practices and attracting new investors.
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