Ahmed Shide, the finance minister, and Merriam Salim, the regional director of the World Bank for Ethiopia, Eritrea, Sudan, and South Sudan, signed the deal. A project to strengthen the financial sector will be funded by the loan agreement. Strengthening Ethiopia’s financial sector is the primary goal. The Commercial Bank of Ethiopia and the Development Bank of Ethiopia are working to stabilise the financial system and finance, and the loan is intended to support important financial sector reforms. According to the Ministry of Finance, the loan will assist the government in modernising the primary sector and putting strong reforms into place that have recently made it possible for foreign banks to operate in Ethiopia.