Ethiopia and World Bank have signed a 1.3 billion dollar grant and loan agreement to enhance equitable services and reduce food insecurity. The agreement was signed by Abraham Tekeste (PhD), minister of Finance & Economic Cooperation (MoFEC) and Carolyn Turk, World Bank's country director for Ethiopia, Sudan, and South Sudan.
From the total amount, 700,000 million dollars will be used for the implementation of Enhancing Shared Prosperity through Equitable Services (ESPES) program while the remaining 600 million dollars will support the Productive Safety Net Program (PSNP).
The grant also encompasses five major sectors including education, health, agriculture, water supply and sanitation, and rural roads.
PSNP is one of the largest safety net programs in the world operating since 12 years. PSNP sources money from 121 donors. It works towards the provision of regular food and cash transfers to eight million people, half of which are in areas affected by the recent drought.