Ethiopia, World Bank Sign $350mln Financing Deal

ADDIS ABABA – The Ethiopian government and World Bank have signed a financing agreement amounting to 350 million USD on Monday.

The finance will support Ethiopia’s efforts to improve the livelihoods and resilience of 2.5 million pastoralists and agro-pastoralists.

Finance minister Amhed Shide and World Bank Country Director for Ethiopia, Carolyn Turk, signed the deal in Addis Abeba.

The Bank’s Board of Executive Directors approved 350 million USD -$70 million grant and $280 million credit – from the International Development Association (IDA), last May.

The finance will support the government’s second phase of lowlands livelihood resilience project which aims to improve the livelihood resilience of pastoral and agro-pastoral communities.

“I am delighted to sign this agreement on behalf of the World Bank. This project supports Ethiopia’s efforts to improve the livelihood of 2.5mn pastoralists & agro-pastoralists,” said country director Turk.

World Bank-financed project aims to reduce long-term environmental degradation and communities’ vulnerability to climate change-related droughts.

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.