The World Bank announced on Wednesday it has approved a 300 million U.S. dollars rehabilitation fund for Ethiopia.

In a press statement, the World Bank said the newly approved funds will be used to rehabilitate those affected by conflict and its consequences in various parts of the East African country.

"Conflicts in Ethiopia have resulted in loss of lives, humanitarian crises, destruction of private and public assets and have left communities in dire need of support," the statement said.

"Conflicts have also caused the displacement of thousands of people throughout Ethiopia and have further exacerbated the incidence of gender-based violence, particularly against women and girls," the statement said.

The World Bank also said the new funds will support efforts to address the immediate needs of communities, rehabilitate infrastructure destroyed by conflict and increase community resilience to the impacts of conflict in a sustainable manner.

The 300 million U.S. dollars funds will cover the needs of at-risk people in Afar, Amhara, Benishangul-Gumuz, Oromia and Tigray regional states, which host a large number of Internally Displaced People.

The World Bank statement also said the project for the newly released funds will be implemented by federal, regional, community-based organizations as well as independent third-party entities.