Addis Ababa November 3, 2023 (ENA) The World Bank and the Government of Ethiopia have successfully completed a Joint Country Portfolio Performance Review (CPPR) that assessed the progress of the ongoing projects supported by the Bank.
The CPPR aimed to assess the progress of the ongoing projects supported by the World Bank, identify implementation challenges, and address issues affecting the portfolio performance.
During the two-day meeting, over 170 participants, including relevant World Bank officials, ministers, and state ministers, as well as staff of project implementing units, came together to review the performance of 33 World Bank-financed projects.
These projects are part of a larger set of ongoing operations, totaling 43 in number, with a combined net commitment value of approximately 15 billion USD.
The participants collectively developed an action plan to accelerate the implementation of projects in key sectors such as sustainable development (Agriculture Growth, Food Security, Environment and Natural Resources, Water and sanitation, Urban Development), Human Development (Health, Nutrition and Population, Education, Social Protection and Jobs), Infrastructure (Energy, Transport, Digital Development), Finance, Competitiveness, and Innovation (Financial Sector Growth, Trade, Competitiveness and Jobs Creation, etc.).
The CPPR meeting highlighted the positive performance of the Ethiopia portfolio, with a cumulative disbursement ratio of 60 percent as of November 2, 2023, according to a press release issued by Ministry of Finance.
It has also identified major constraints that could potentially slow down portfolio performance if not promptly addressed. The meeting focused on identifying critical challenges and finding solutions to ensure smooth and effective implementation of ongoing projects.
"The CPPR meeting emphasized the importance of jointly assessing project implementation performances, taking stock of accomplishments, identify bottlenecks, and find 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," said Ousmane Dione, World Bank Country Director for Eritrea, Ethiopia, South Sudan, and Sudan.
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.
Minister of Finance Ahmed Shide acknowledged and appreciated the World Bank's unwavering commitment to supporting Ethiopia's development endeavors in both favorable and challenging times.
He recognized the Bank's steadfast support and its commitment to the long-term development and well-being of the Ethiopian people.
The Minister commended the implementation entities and the World Bank team for their fruitful discussions on project performance and challenges. He acknowledged the dedication of government officials and urged them to accelerate project implementation.
Emphasizing the significance of the CPPR, the Minister stressed its role in resolving implementation issues. He encouraged the entities to develop action plans that would expedite progress and overcome any obstacles encountered during project implementation.
In conclusion, the Minister reaffirmed the government's commitment to improving portfolio performance by addressing identified obstacles.
He expressed gratitude to the World Bank and the Ministry of Finance team for organizing the meeting, underscoring the collaborative efforts aimed at achieving development objectives.
Source: Ethiopian News Agency