Two agreements were signed between the Government of Norway and the World Bank on Friday (August 30) to provide financing for sustainable land management, climate-smart agriculture and forest protection in Ethiopia.
One agreement injects an additional US$50 million to a trust fund to co-finance the Sustainable Land Management Program (SLMP II) aimed at reducing land degradation and increasing land productivity of smallholder farmers. Under the second agreement, Norway provides US$13 million through the World Bank's BioCarbon Fund (BioCF) to support Ethiopia's Climate Resilient Green Economy Facility and promote climate-smart agriculture, forest protection and land rehabilitation.
Norway's contribution complements initial funding of US$5 million from the United Kingdom's Department for International Development and ongoing financing from the Forest Carbon Partnership Facility. Tove Stub, Charge d'affaires at the Royal Norwegian Embassy in Addis Ababa said "Norway is pleased to collaborate with the World Bank in supporting Ethiopia's ambitious efforts to fight land degradation, deforestation and climate change while promoting sustainable development in the land use sector. " The programs have the potential to protect natural resource endowment and promote climate-smart land use to adapt and mitigate climate change and increase food security and resilience over a large area. Guang Zhe Chen, World Bank Country Director for Ethiopia said the two initiatives would strengthen the Bank's partnership for Ethiopia's sustainable development.