Economy
World Bank Cancels Unused Expressway Loan for Ethiopia at Government Request
Wazema · 4 hours ago · Read the Full Story on Wazema
AI SUMMARY
The World Bank has canceled over $1 million in unused loan funds for Ethiopia's Expressway Development Project following a request from the government.
- The World Bank canceled over $1 million in unused loan funds allocated for Ethiopia's Expressway Development Project.
- The cancellation was made at the request of the Ethiopian government, though the specific reason was not specified in the document.
- Penalty charges for slow utilization of the canceled loan amount will be discontinued effective September 25.
- The Expressway Development Support Project was initiated to expand road infrastructure and strengthen the transport sector.
- The initial loan agreement was signed in 2015, followed by a second agreement in 2025.
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