ADDIS ABABA, July 4 (Xinhua) -- The Ethiopian government and the World Bank have signed a 1-billion-U.S.-dollar financing agreement to support the East African country's economic reforms and inclusive development efforts.

The agreement, in the form of a grant and a concessional loan, was signed by Ethiopian Minister of Finance Ahmed Shide and the World Bank's Country Director for Ethiopia Maryam Salim, the ministry announced in a statement on Friday.

The financing agreement, made under the Second Sustainable and Inclusive Growth Development Policy Operation, "reflects the Bank's continued commitment to supporting Ethiopia's bold and far-reaching reform agenda," the ministry said.

According to the ministry, the funds will be used to support Ethiopia's recent efforts to ensure financial sector stability, enhance trade competitiveness, strengthen domestic resource mobilization, promote transparent and effective public sector governance, and ensure the sustainability of social services.

Commending the World Bank's "steadfast and constructive partnership" in supporting the country's reform priorities under its Homegrown Economic Reform Program, the ministry said the latest financing agreement underscores the two sides' "strong and enduring collaboration" in pursuit of their shared goals of inclusive and sustainable development. ■