Italy and the IFC of the World Bank Group (WBG) signed an agreement for a financial contribution to the initiative "Promoting and Investing in the Private Sector", pillar of the "Multi Donor Initiative for Private Sector Development in Ethiopia" (MDI-PSD).
The new 500,000 Euros grant from the Italian Agency for Development Cooperation to the multi-donor trust fund supports access to finance for the private sector especially for the small and medium size businesses, stated a release the Embassy of Italy in Ethiopia sent to The Ethiopian Herald.
Speaking at the signing ceremony, Ambassador of Italy to Ethiopia, Giuseppe Mistretta, said Italy has been a long-term partner of Ethiopia in the support of private sector.
"With this additional financial grant, Italy is re-confirming its commitment to Ethiopian economic development".
He said Italy's support and partnership include: agricultural value chain, agro-industry, leather sector, access to finance for women entrepreneurs, development of integrated agro-industrial parks and the improvement of the business climate.
Head of Development Partner Relations for Sub-Saharan Africa of IFC, Eva Bakonyi, said: "IFC's most important mandate is to create and develop markets for the private sector in developing countries.