30 September 2017

Ethiopia: World Bank Assents U.S.$1.3 Billion Finance to Ethiopia

Photo: Premium Times
(File photo).

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.

Ethiopia

Alleged Mastermind of State Coup Shot and Killed

The alleged leader of Saturday's coup attempt in Ethiopia's northern Amhara state has been shot and killed. Read more »

See What Everyone is Watching

Copyright © 2017 Addis Fortune. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.