The world Bank signed a $400 million grant to Ethiopia for its urban programs and another $80 million to support the completion of projects started during the second phase of Agricultural Growth Program (AGP II).
The $400 million agreement was signed by the Minister of finance Ethiopia Ahmed Shide and Ousmane Dione, World Bank Country Director for Ethiopia, Eritrea, Sudan and South Sudan to support Ethiopia’s urban programs. The programs include job creation and productive safety nets program in Ethiopia’s cities.
During the signing ceremony, the government of Ethiopia said it will also allocate an additional $150 million for the implementation of the program aimed to be executed within five years. 83 cities and towns in Ethiopia will benefit from the programs while also 798,500 people living below the poverty line will benefit from the programs.
The $80 million grant aims at supporting the completion of projects started during the second phase of the Agricultural Growth Program (AGP II).
source: tradingeconomics.com
The AGP II aims at empowering smallholder Ethiopian farmers by creating job opportunity, additional income generation, building value chain to improve their livelihood & nutritional status by accessing the market, irrigation and other infrastructures.
The grant will be used to finance the completion of already started Small-Scale Irrigation Development and Agricultural Marketing as well as the value Chain Development schemes.
“The World Bank has played an indispensable role in reducing poverty and improving the living standard of Ethiopians. The Bank supporting agricultural productivity increasing, enhancing market performance and facilitating value addition, commercialization of smallholder farmer’s projects.” Said Ahmed Shide, the Minister of finance Ethiopia.
“World Bank likes & believes to support agricultural development of the Country to enable create job opportunity, income generation, build value chain as the drivers of development.” Said Ousmane Dione, The World Bank Country Director for Ethiopia, Eritrea, Sudan and South Sudan.
