Ethiopia, World Bank Sign 715 Million USD Financing Agreement

Addis Ababa A total of 715 million USD financing agreement was signed between Ethiopia and the World Bank today.

The financing agreement comprised of 600 million USD, 200 million of which is in the form of grant and 400 million in credit, for the implementation of the Food Systems Resilience Program (FSRP), according to Ministry of Finance.

It also includes 115 million USD grant for the implementation of De-risking, Inclusion and Value Enhancement of Pastoral Economies in the Horn of Africa Project (DRIVE), it was learned.

The resource from the first will be used to finance increasing the resilience of food systems and preparedness for food insecurity in project areas in the country.

The resource for DRIVE will be used to enhance pastoralists’ access to financial services for drought risk mitigation, include them in the value chains, and facilitate the livestock trade in the Horn of Africa.

The financing agreement was signed virtually by Finance Minister Ahmed Shide and World Bank Regional Integration Africa Director Boutheina Guermazi.

Source: Ethiopia News Agency