The Energy Sector Reform, Investment, and Modernization Program (PRIME), funded by a World Bank loan, has been officially inaugurated.

The program aims to implement multi-faceted energy projects.

At the program’s launch, Mrs. Semerita Sewasew, the State Minister of Finance, stated that the 1.5 billion USD program is financed by the World Bank to implement reforms in the energy sector.

The state minister also urged that the allocated funds should be utilized according to the work schedule, highlighting the government’s special attention to the development of the energy sector.

Abebe Zerihun, the representative of the World Bank Director in Ethiopia, remarked that Ethiopia is making significant progress in the energy sector.

According to Abebe, the Energy Sector Reform, Investment, and Modernization Program (PRIME), funded by a loan from the World Bank, aims to implement various energy projects.

Mr. Gosaye Mengste, Advisor to the Minister of Water and Energy, added that the project will enhance operational capacity and expand national electric access.

Mr. Gosaye also emphasized that the project is critical for electrifying half of the country’s population who currently lack access to electricity.

Mrs. Saharela Abdullahi, the Director General of the Energy and Petroleum Authority, mentioned that the project will pave the way for providing quality electricity services.

Ashebir Balcha, Chief Executive Officer of Ethiopian Electric Power, stated that the PRIME program, funded by the World Bank, will bolster the energy sector while ensuring meticulous oversight during its implementation.

Abdulhakim Muhammad, the energy specialist at the World Bank in Ethiopia, indicated that the World Bank-financed energy reform will be implemented over the next decade.

The launching program, held at Skylight Hotel, was attended by senior officials from the Ministry of Finance, Energy and Fuel Authority, World Bank, Ethiopian Electric Power, Ethiopian Electric Utility, and other stakeholders.