Addis Ababa, 11 May 2015 (WIC) – World Bank Extends 350 Million USD Loan to Agricultural Sector
Addis Ababa May 08/2015 The World Bank has extended 350 million USD loan for financing the agricultural sector in Ethiopia.
The agreement was signed by State Minister of Finance and Economic Development, Ahmed Shide, and World Bank Country Director for Ethiopia, Guang Z. Chen here yesterday.
The loan is meant to transform the agricultural sector and to change the livelihood of farmers in Phase II of the Growth and Transformation Plan.
According to Ahmed, the loan will be used to increase production and productivity of farmers, technology, researches, irrigation development and expansion, selected seed and market access.
The project will benefit farmers of 157 woreda in Amhara, Oromia, SNNP, Tigray, Benishangul-Gumuz, Gambella and Harari regional states as well as Dire Dawa city administration.
The agreement would give priority to areas that have the highest productivity potential thus benefiting over 1.6 million farmers, the state minister said.
World Bank Country Director for Ethiopia, Guang Z. Chen, said on his part the bank will continue its support in helping the country extricate itself from poverty.
Chen noted that the country has attained satisfactory results in the first phase of GTP in constructing irrigation, feeder roads, market centers, the establishment of farmer groups, strengthening public agricultural services and improving farmers’ access to market.
According to ENA, the achievements registered by the country inspired the bank to support the agriculture sector, he pointed out.