Ethiopia and the World Bank have inked a financing agreement worth US$ 715 million (about 36.5 billion ETB), according to a press release from the ministry of finance.
The financing agreement, amounting to 600 million USD (200 million USD in the form of a grant and 400 million USD in the form of credit), is for the implementation of the Food Systems Resilience Program (FSRP).
The Horn of Africa Project’s De-risking, Inclusion, and Value Enhancement of Pastoral Economies (DRIVE) will be carried out with the remaining 115 million USD in the form of a grant.
Increased food system resilience and readiness for food insecurity will be financed in project regions across the nation using the resource from the first financing agreement.
To improve pastoralists’ access to financial services for reducing drought risk, include them in value chains, and facilitate the trade-in livestock in the Horn of Africa, the resource for De-risking, Inclusion, and Value Enhancement of Pastoral Economies in the Project will be deployed.
H.E. Ahmed Shide, Minister of Finance, and Ms. Boutheina Guermazi, Director for Regional Integration Africa, acting on behalf of the Federal Democratic Republic of Ethiopia and the World Bank, respectively, virtually signed the agreement.
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