ADDIS ABEBA – The government of Ethiopia and the World Bank have signed a 512.5mln USD financing deal that will bolster the implementation of Strengthen Ethiopia’s Adaptive Safety Net Project or SEASN.
According to Ministry of finance, 312.5 million of the total money will be given in the form of grant while the remaining 200mln will be credit.
Ahmed Shide, finance minister of Ethiopia, and, Ousmane Dione, World Bank Country Director for Eastern and Southern Africa signed the agreement in Addis Abeba on Thursday.
“This financing will allow for more geographic coverage, enable better service delivery, and is an important next step in modernizing Ethiopia’s” safety net program, said the ministry of Finance.
According World Bank, the program benefits people living in extreme poverty in rural areas and those areas affected by drought in the second most populous country in Africa with an estimated population of about 109 million, of which 80.5 percent are rural dwellers.
Despite a continued economic growth for over a decade, according to the Bank Ethiopia remains one of the poorest countries in the world with an estimated per capita income of US$790 in 2019.
Featured Image: Ahmed Shide, finance minister of Ethiopia, and, Ousmane Dione, World Bank Country Director signed the agreement on Thursday.