Ethiopia Inks 1.72 Billion USD Financing Agreements with World Bank

Addis Ababa, April 5/2024(ENA)-Ethiopia’s Ministry of Finance and the World Bank signed six Financing Agreements amounting 1.72 billion USD in the form of credits and grants for the implementation of six projects.

The agreements were signed by Minister of Finance Ahmed Shide, and Ousmane Dione, Country Director for Ethiopia, Eritrea, Sudan, and South Sudan at the World Bank.

The financing will be used for the implementation of six projects aimed at driving sustainable development and inclusive growth in the country, according to the Ministry of Finance.

Accordingly, the rural Connectivity to Support Food Security Program is one of the projects that will be executed with the total outlay of 300 million US dollars grants to enhance climate-resilient accessibility to food markets and services for target populations and strengthen institutional capacity for rural road management.

An additional USD 200 million grant was also allocated to the Third Additional Financing for Strengthening Ethiopia's Adaptive Safety Net Project in order to further improve climate-resilient access to food markets and services for target populations and enhance institutional capacity for rural road management.

Moreover, there are other projects including Second Additional Financing for the Urban Productive Safety Net and Jobs Project, Phase 2 of the Lowlands Livelihood Resilience Project, Power Sector Reform, Investment and Modernization in Ethiopia Project and Second Urban Water Supply and Sanitation Project.