05 APRIL 2024 | 13:30
The World Bank and Ethiopia have signed both credits and grants agreements totaling to $1.72 billion to enhance electricity and water supply, as well as to facilitate the movement of food to markets.
In a statement issued on Friday, the ministry said the agreements are earmarked for the implementation of six pivotal projects aimed at fostering inclusive growth and sustainable development within the country.
According to the statement, the bank will allocate $523.63 million to expand the east African nation’s electricity network and boost renewable energy generation.
Additional $300 million will go to bolster climate-resilient accessibility to food markets and services for targeted populations as $200 million will be used to enhance access to food markets and services.
$82.5 million will be used to uplift the incomes of the urban poor and promote labor market inclusion for disadvantaged urban youth.
The Phase 2 of the Lowlands Livelihood Resilience Project is set to receive a USD 340 million credit to boost livelihoods and climate resilience for pastoral and agro pastoral communities in Ethiopia’s lowlands.
Lastly, the Second Urban Water Supply and Sanitation Project – Additional Financing will benefit from a $275 million grant to enhance water supply and sanitation services in Addis Ababa and selected secondary cities.
These agreements were signed by Ahmed Shide, Ethiopia’s Minister of Finance representing the Government of Ethiopia, and Ousmane Dione, Country Director for Ethiopia, Eritrea, Sudan, and South Sudan at the World Bank, signifying a crucial step towards advancing Ethiopia’s development agenda.