Ethiopia-Economy

Ethiopia, World Bank strike $350m financing deal

APA-Addis Ababa (Ethiopia)

Ethiopia and the World Bank have signed a financing agreement amounting to $350 million.

Ethiopia’s Minister of Finance, Amhed Shide and World Bank Country Director for Ethiopia Carolyn Turk on Monday signed the agreement in Addis Ababa.

The bank approved the stated amount of money ($70 million grant and $280 million credit) from the International Development Association (IDA) on May 23.

The funds will be used for the implementation of the Lowlands Livelihood Resilience Project which will help to improve the livelihoods and resilience of 2.5 million pastoralists and agro-pastoralists in Ethiopia by addressing their binding constraints.

The project is set to reduce long-term environmental degradation and communities’ vulnerability to climate change related droughts, according to the bank.

It will also facilitate access to crucial social services such as water resources to communities, upgrade veterinary facilities and help construct key infrastructure such as bridges, roads, livestock markets, small scale irrigation schemes.

It will further support the introduction of technologies that improve animal productivity (i.e. milk and meat production) and improve market linkages and commercialization by facilitating the development of partnerships between private companies and groups of producers.


MG/as/APA

React to this article