Ethiopia, AfDB Sign Two Grant Agreements worth $44.4mln

ADDIS ABABA – Ethiopia’s Ministry of Finance and the African Development Bank (AfDB) signed two Financing Agreements worth a combined total of 44.4 million US Dollars both in the form of grants.

State Minister of Finance Semereta Sewasew and Deputy Director General, AfDB’s East Africa Regional Development and Business Delivery, Dr. Abdul B. Kamara signed the two financing agreements in Addis Ababa on Wednesday.

The first Agreement, amounting to $40 million, will finance the implementation of the Program to Build Resilience for Food and Nutrition Security in the Horn of Africa, said the Ministry of Finance.

It is designed as a subsequent phase of Ethiopia’s Drought Resilience and Sustainable Livelihoods Program which was developed to build communities’ resilience to drought and climate change shocks together with the Bank.

The new grant “will be used to contribute to improving living conditions including for women and the youth, food, and nutrition security, increasing resilience, as well as peace and security in drought-prone lowland areas of the country,” the Ministry added.

The second $4.4 million Grant Agreement also aims to fund the implementation of the Institutional Support Project to Strengthen Macroeconomic Management (ISP-SMM) of Ethiopia.

This project, officials say, will be used to strengthen the capacity of key macro institutions in research and policy analysis underpinned by a well-managed public investment program.

The project will support capacity strengthening of officials in the Ministry of Finance, the National Bank of Ethiopia, the Ministry of Development Planning, and the recently established Capital Markets Authority.

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