ADDIS ABABA – The Ministry of Finance of the Federal Democratic Republic of Ethiopia and Abidjan-based African Development Bank (AfDB) signed two financing agreements amounting to a total of 44.4 million USD (approximately 2.3 billion ETB) both in the form of grants.
The first financing agreement amounting to 40 million USD will finance the implementation of the Program to Build Resilience for Food and Nutrition Security in the Horn of Africa. And the second 4.4 million USD Grant Agreement will be used for the implementation of the Institutional Support Project to Strengthen Macroeconomic Management (ISP-SMM) respectively which is 44.4 million USD in total.
The Program to Build Resilience for Food and Nutrition Security in the Horn of Africa is designed as a subsequent phase of the Drought Resilience and Sustainable Livelihoods Program and the resource will be used to contribute to improve living conditions including for women and the youth, food, and nutrition security, increasing resilience, as well as peace and security in drought prone lowland areas of the country.
The ISP-SMM will be used to strengthen the capacity of key macro institutions in research and policy analysis underpinned by a well-managed public investment program.
The agreement was signed between Mrs. Semereta Sewasew, State Minister of Finance and Dr. Abdul B. Kamara, Deputy Director General, East Africa Regional Development and Business Delivery, African Development Bank, representing the Government of Ethiopia and the African Development Bank, respectively.
Two months ago, the African Development Bank signed 830,000 USD grant agreement with Ethiopia’s Ministry of Finance to improve climate resilience for communities and ecosystems. The grant will help mainstream climate risk management, gender and resilience into economic planning and development in the country’s Ziway-Shallah Sub-Basin in the central rift valley. It will also fund a water allocation plan.
Source: The Ministry of Finance / AfDB