[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110198-en":3,"doc-seo-110198-105":28,"detail-sidebar-cat-0-en-105":88},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":20,"language":21,"language_code":22,"site_id":23,"html_lang":22,"table_of_contents":24,"faqs":25,"seo_title":13,"seo_description":14,"update_tm":26,"read_time":27},110198,8796095360427,"Lucas Martin","https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d",8,"Research & Report","Ethiopia for the Horn of Africa Initiative - Regional Economic Corridor Project - Chair Summary - July 20, 2023","Executive Directors approved an IDA grant of SDR 550 million (about US$730 million equivalent) to Ethiopia under the Horn of Africa Initiative: Regional Economic Corridor project, as set out in the President’s Memorandum. Directors supported resuming longer-term development efforts and highlighted regional integration as key to stability, prosperity, jobs, and to enabling digital connectivity along the corridor. They emphasized regulatory and institutional reforms for climate-resilient infrastructure and requested safeguards, robust monitoring, and supervision to address fiduciary risks and potential risks affecting IDA funds, while aligning implementation with partners and tracking initiative impact.","Public Disclosure Authorized Public Disclosure Authorized  \nEthiopia  \nEthiopia for the Horn of Africa Initiative: Regional Economic Corridor Project  \nChair Summary*  \nJuly 20, 2023  \nExecutive Directors approved an IDA grant in the amount of SDR 550 million (US$730 million equivalent) to Ethiopia for the Horn of Africa Initiative: Regional Economic Corridor project on the terms and conditions set out in the President’s Memorandum.  \nDirectors welcomed the resumption of longer-term development projects in Ethiopia and appreciated the project’s objective to promote regional integration which in turn contributes to stability and prosperity in the Horn of Africa. They welcomed the operation as critical to developing Ethiopia’s main artery, regional integration, and unlocking drivers for growth and jobs, as well as providing opportunities to develop digital connectivity along the corridor. They underscored the need to use the project as a mechanism to foster greater collaboration and trade between member countries in the Horn of Africa.  \nDirectors acknowledged the project’s role in job creation for underserved communities and women and encouraged the implementation of regulatory and institutional reforms to create climate-resilient infrastructure to operationalize the fight against climate change and contribute to longer-term development outcomes.  \nDirectors raised concerns over the identified fiduciary risks with the project and the rest ofthe portfolio, while also noting the potential implications of the recent large-scale diversion of humanitarian aid in Ethiopia on Bank projects. They also raised concerns about the continued foreign exchange misalignment and the potential impact on the use of IDA funds and noted the importance of the IMF program to address this. They urged Management to include safeguardsand ensure that adequate mitigation measures, including robust monitoring and supervision plans, are in place to ensure the funds are used for their intended purpose. They emphasized the need to track the impact of the Horn of Africa initiatives but also to align implementation efforts with all partners in an efficient manner in order to avoid redundancies and maximize impact.  \n*This Summary is not an approved record.","cbCairH7xyZKo694","https://ap.wps.com/l/cbCairH7xyZKo694","pdf",63913,1,"English","en",105,"# Executive Directors’ Approval\n## Development objectives and regional integration\n## Jobs, women, and climate-resilient infrastructure\n## Fiduciary, foreign exchange, and safeguard concerns\n## Monitoring, coordination, and impact tracking","[{\"question\":\"What grant was approved for the Ethiopia Horn of Africa Initiative Regional Economic Corridor Project?\",\"answer\":\"Executive Directors approved an IDA grant of SDR 550 million, equivalent to about US$730 million, for Ethiopia under the project terms in the President’s Memorandum.\"},{\"question\":\"How do Directors describe the project’s main development purpose?\",\"answer\":\"Directors emphasized promoting regional integration to support stability and prosperity in the Horn of Africa, strengthening Ethiopia’s regional economic corridor role, enabling digital connectivity, and fostering collaboration and trade among member countries.\"},{\"question\":\"What risks and safeguards did Directors raise during the review?\",\"answer\":\"Directors highlighted fiduciary risks and concerns related to humanitarian aid diversion and foreign exchange misalignment, urging Management to include safeguards and ensure robust monitoring and supervision plans to protect IDA funds for their intended 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