Addis Ababa, June 25, 2022 (Walta) – Ethiopia and World Bank agreed a financing agreement the tone 715 million USD.
The financing agreement includes 200 million USD in the form of grant, 400 million USD in the form of credit, and 115 Million USD in the form of grant for the implementation of De-risking, Inclusion and Value Enhancement of Pastoral Economies in the Horn of Africa Project (DRIVE).
Out of the total financing agreement, 600 million USD is allotted for the implementation of the Food Systems Resilience Program (FSRP).
This financing agreement is expected to increase the resilience of food systems and preparedness in food insecure areas of the country.
The resource for De-risking, Inclusion and Value Enhancement of Pastoral Economies in the Horn of Africa Project will be used to enhance pastoralists’ access to financial services for drought risk mitigation, include them in the value chains, and facilitate the livestock trade in the Horn of Africa.
The Agreement was signed virtually by Ethiopian Finance Minister, Ahmed Shide, Director for Regional Integration Africa, Boutheina Guermazi, representing the Federal Democratic Republic of Ethiopia and the World Bank, respectively.