The European Union and several regional development banks are announcing new levels of financial support for the Horn of Africa that is to total more than $8 billion.

The announcement Monday comes as United Nations Secretary-General Ban Ki-moon visits Ethiopia. Ban said the pledges come as the Horn region is making "important yet unheralded" progress in economic growth and political stability. He said the funds would help end cycles of conflict and poverty and lead toward sustainability.

The World Bank announced $1.8 billion in funding. The European Union announced $3.7 billion through 2020. The African Development Bank pledged $1.8 billion over the next three years while the Islamic Development Bank committed up to $1 billion.

The initiative covers eight countries: Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan, Sudan, and Uganda.