Finance Minister Ahmed Shide (right) and World Bank’s country director Ousmane Dione. (Photo File)

World Bank, Ethiopia Review Joint Portfolio Performance

ADDIS ABABA – The World Bank and the Government of Ethiopia successfully completed a Joint Country Portfolio Performance Review (CPPR), the Ministry of Finance said on Friday.

The joint review aimed to assess the progress of the ongoing projects supported by the World Bank, identify implementation challenges, and address issues affecting the portfolio performance.

More than 170 participants from both sides and staff of project implementing units reviewed 33 World Bank-financed projects during the two-day meeting that ended on Thursday.

The projects are part of a larger set of ongoing operations, totaling 43 in number, with a combined net commitment value of approximately 15 billion US dollars.

The participants collectively developed an action plan to accelerate the implementation of projects in key sectors such as sustainable development, Human Development, Infrastructure, as well as Finance, Competitiveness, and Innovation.

The meeting highlighted the positive performance of the Ethiopia portfolio, with a cumulative disbursement ratio of 60 percent as of November 2, 2023.

However, it has also identified major constraints that could potentially slow down portfolio performance if not promptly addressed.

World Bank Country Director Ousmane Dione said the meeting “emphasized the importance of jointly assessing” project implementation performances, taking stock of accomplishments, identifying bottlenecks, and finding collaborative solutions.

“By doing so, the aim is to ensure the timely and efficient utilization of allocated funds and deliver bigger, better, and faster results for all Ethiopians,” he added.

Moving forward, both the World Bank and the Government of Ethiopia have agreed on a set of actions to improve the performance of the portfolio.

These actions will address challenges and bottlenecks related to cross-cutting issues, including fiduciary, procurement, and safeguards, according to the Ministry of Finance.

Finance Minister Ahmed Shide appreciated the World Bank’s unwavering commitment to supporting Ethiopia’s development endeavors in both favorable and challenging times while reaffirming government’s commitment to improving portfolio performance by addressing identified obstacles.