World Bank, Ethiopia ink US$715 million financing accord

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World Bank
World Bank
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The Ethiopian government and the World Bank on Friday signed a financing agreement worth 715 million U.S. dollars.

The agreement, signed between the Ethiopian Ministry of Finance and the World Bank, includes 600 million U.S. dollars for the implementation of the Food Systems Resilience Program (FSRP), the ministry disclosed in a statement.

According to the ministry, of the 600 million U.S. dollars, 200 million U.S. dollars was in the form of grant while the remaining 400 million U.S. dollars was in the form of credit.

The agreement also includes 115 million U.S. dollars in financing in the form of grant for the implementation of the De-risking, Inclusion and Value Enhancement of Pastoral Economies in the Horn of Africa Project, the ministry said.

The financing for the Food Systems Resilience Program (FSRP) will be used to boost the resilience of food systems and preparedness for food insecurity across the FSRP implementation areas in the East African country, it said.

The funding for the De-risking, Inclusion and Value Enhancement of Pastoral Economies in the Horn of Africa Project will be used to enhance pastoralists’ access to financial services for drought risk mitigation, involve them in the value chains, and facilitate the livestock trade in the Horn of Africa, the ministry said. Enditem

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