Ethiopia’s Ministry of Finance and the African Development Bank (AfDB) Wednesday signed two Financing Agreements worth a combined amount of $44.4 million, both in the form of grant.
The first agreement amounting to $40 million will finance the implementation of the Program to Build Resilience for Food and Nutrition Security in the Horn of Africa.
The grant is to support a subsequent phase of the Drought Resilience and Sustainable Livelihoods Program in the eastern African nation.
The finance “will be used to improve living conditions including for women and the youth, food and nutrition security, increasing resilience, as well as peace and security in drought prone lowland areas of the country,” said the Ministry in a statement.
The second $4.4 million grant agreement will be used for the implementation of the Institutional Support Project to Strengthen Macroeconomic Management (ISP-SMM) respectively which is 44.4 million USD in total.
The ISP-SMM will be used to strengthen the capacity of key macro institutions in research and policy analysis underpinned by a well-managed public investment program.
The Agreement was signed between Semereta Sewasew, State Minister of Finance and Dr. Abdul B. Kamara, Deputy Director General, East Africa Regional Development and Business Delivery, African Development Bank.
MG/as/APA