The World Bank to allocate 175 million dollars to support Ethiopian industry, including leather

Ethiopian leather industry will soon benefit from new and considerable international funds. In fact, the World Bank (created to struggle against poverty and provide poor countries with financial help and support) is going to supply the money, which is included in a 175 million dollar fund allocation directed at the African country. The World Bank top managers pointed out “Ethiopia was able to draw international investments, coming from abroad, and plough them back in leather, apparel and textile industries, and agriculture transformation business as well. They succeeded in that thanks to quite low labor costs, along with competitive energy costs and a special connection with the European Union and The United States of America”. Throughout 2016, the African country collected foreign investments which overall amounted to around 3,2 billion dollars. “This project is of paramount importance for Ethiopia: in fact, it is meant to support the national industrialization plan by supplying quality industrial infrastructures, for key sectors manufacturing, and fostering the strongest economic ties between factories and industrial economy”, commented Carolyn Turk, general director of the World Bank in Ethiopia, Sudan and South Sudan.


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