The Ethiopia Ministry of Finance (MoF) and the African Development Bank (AfDB) on Wednesday signed two grant financing agreements worth 44.4 million U.S. dollars.
The MoF said in a press statement that two projects focused on food security and capacity building, respectively.
“The first project is a 40 million U.S. dollars scheme to finance the implementation of a program to build food and nutrition security,” the MoF statement said. “The second project is a 4.4 million U.S. dollars scheme to be used for the implementation of a program to strengthen macroeconomic management.”
The two grant financing agreements aim to boost peace and security in drought-prone lowland areas of Ethiopia through agricultural resilience, as well as strengthen the capacity of key macro institutions.
The AfDB has previously signed a host of financial aid agreements with Ethiopia to boost the East African country’s economic development, including a 71.3-million-U.S.-dollar grant agreement to finance the Ethiopia-Djibouti power interconnection project. The agreement signed in July 2021 is used to finance the construction of a transmission line from Ethiopia to Djibouti.
Source: Xinhua
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