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#ASDailyScoop: World Bank, Ethiopia sign $ 715 M financing agreement

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Addis Abeba – A financing agreement amounting to US$ 600 million (US$ 200 million in the form of grant and US$ 400 million in the form of credit), was signed today between the World Bank and Ethiopia’s Ministry of Finance.

The agreement is for the implementation of the Food Systems Resilience Program (FSRP) and US$ 115 Million US dollars 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) respectively which is in total US$ 715 Million (approximately 36.5 Billion ETB).

The resource from the first Financing Agreement will be used to finance increasing the resilience of food systems and preparedness for food insecurity in project areas in 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 Ahmed Shide, Minister of Finance, and Ms. Boutheina Guermazi, Director for Regional Integration Africa representing the Federal Democratic Republic of Ethiopia and the World Bank respectively. Ministry of Finance

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