ADDIS ABABA, (Dejen Media) July 31, 2023 – Ajay Banga, President of the World Bank, is on an official visit to Ethiopia as part of his global tour aimed at shaping a new direction for the 78-year-old intergovernmental financial institution. The visit, which began on July 31, focuses on identifying opportunities to create job opportunities for young people and women.
During his time in Addis Ababa, Banga has visited various sites, including the Bole Limi Industrial Park, to gain insight into Ethiopia’s industrial development efforts. The President is also expected to visit other development projects, such as the Green Legacy afforestation program, which aims to combat deforestation and promote environmental sustainability.
Prime Minister Abiy Ahmed accompanied Banga during his visit to the Bole Limi Industrial Park, where they observed two industries actively producing within one of Ethiopia’s nationwide industry parks. The Prime Minister highlighted Ethiopia’s success in building and operationalizing 13 industry parks, providing full-time employment opportunities for thousands of people. He also emphasized the country’s commitment to developing agro-processing industry parks.
According to Prime Minister Abiy Ahmed, Ethiopia has tremendous potential and is fostering a conducive environment for increased investments across various industries. The government’s efforts aim to create sustainable economic growth and prosperity.
Ajay Banga, an Indian-born American business executive, assumed office as the President of the World Bank Group on June 2, 2023. His visit to Ethiopia this week specifically focuses on creating job opportunities for women and youth. As part of this mission, Banga plans to visit textile and shoe manufacturing companies, as well as malt producers who source their input from local farmers. He will also engage with small-scale women business owners to promote entrepreneurship and economic empowerment.
During his two-day visit, Banga is set to hold meetings with key Ethiopian officials, including Prime Minister Abiy Ahmed, Minister of Finance Ahmed Shide, and Mamo Mihretu, the Governor of the National Bank of Ethiopia. Additionally, he will discuss partnerships between the World Bank and the African Union with Moussa Faki Mahamat, the Chairperson of the African Union Commission.
Accompanying Banga on his visit are Victoria Kwakwa, World Bank Vice President for Eastern and Southern Africa, and Mohamed Gouled, Vice President for Industries at the International Finance Corporation.
In a statement issued by the East African country’s finance ministry on Thursday, Ethiopia is expected to receive $400 million in grant and loan money from the World Bank for education and child nutrition. The grant amounts to $350 million, with an additional $50 million in loans.
Banga’s visit to Ethiopia and other countries during his global tour signals the World Bank’s commitment to fostering economic development, empowering women, and creating sustainable job opportunities in partner nations. As the tour progresses, it is expected to pave the way for a new playbook that addresses the evolving global challenges and opportunities for growth and prosperity.
