The Ministry of Finance of Ethiopia and the World Bank have inked six financing agreements worth $1.72 billion in the form of credits and grants aimed at supporting the implementation of six projects on ensuring sustainable development and inclusive growth in Ethiopia.
Ahmed
Shide, Minister of Finance and Ousmane Dione, the World Bank's Country Director
for Ethiopia, Eritrea, Sudan and South Sudan have signed the agreements on
Friday.
According to the Ministry, the agreements enable Ethiopia
to enhance projects such as the Rural Connectivity to Support Food Security
Program, which targets boost climate-resilient accessibility to food markets
and services, as well as the Third Additional Financing for Strengthening
Ethiopia's Adaptive Safety Net Project, which designed to further improve
access to food markets and services.
The agreements also address urban poverty and disadvantaged
youth through the Second Additional Financing for the Urban Productive Safety
Net and Jobs Project, which will boost the incomes of the urban poor and
facilitate labor market inclusion. Additionally, the Phase 2 of the Lowlands
Livelihood Resilience Project will improve livelihoods and climate resilience
among pastoral and agropastoral communities in Ethiopia's lowlands.
A significant portion of the funding, amounting to 522.63
million, is allocated to the Power Sector Reform, Investment, and Modernization
in Ethiopia Project, which aims to strengthen and expand the country's
electricity network and promote renewable energy generation. Furthermore, the
Second Urban Water Supply and Sanitation Project will receive an additional 275
million grant to enhance water supply and sanitation services in Addis Ababa and
selected secondary cities.
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