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The relationship between Ethiopia and the World Bank was formalized on December 27, 1945. [1] Ethiopia's first projects approved by the World Bank supported the building of infrastructure such as roads and highways during the 1950s. Ethiopia first sought a loan for "Highway Project (01)", which was approved on September 13, 1950.
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The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund (IMF). The president of the World Bank is traditionally an American. [12] The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.
The World Bank has long made Ethiopia a top priority, funneling loans to its government to help the East African nation of some 90 million people move past its legacy of poverty and famine. In 2005, the bank cut off funding for Ethiopia after the country’s authoritarian leaders massacred scores of people and arrested some 20,000 political ...
The World Bank has regularly failed to live up to its own policies for protecting people harmed by projects it finances. The World Bank and its private-sector lending arm, the International Finance Corp., have financed governments and companies accused of human rights violations such as rape, murder and torture.
This central statistical organisation does not produce every official statistic as other public sector organisations, like the national central bank or ministries in charge of agriculture, education or health, may be charged with producing and disseminating sector policy oriented statistical data.
Between 2004 and 2013, the World Bank committed to lend or give at least $338 billion, according to bank data. Its private-lending affiliate, the International Finance Corporation, committed to invest at least $116 billion during the same period in corporations and other banks in pursuit of the overall goal of alleviating poverty.
It is responsible for general financial management and economic policy of Ethiopia, in addition to the allocation of economic assistance. Formerly the Ministry of Finance, it has its origins in the ministerial system introduced by Emperor Menelik II in 1907. [citation needed]