Ethiopian Informer
ADDIS ABABA: June 3 (Ethiopian Informer) – The Ethiopia Ministry of Finance (MoF) and the World Bank Group (WBG) on Monday signed a 350 million U.S. dollars financial accord to transform the lives of pastoralist communities in Ethiopia.
The agreement was signed on Monday in Ethiopia’s capital Addis Ababa between Ethiopia’s Minister of Finance Ahmed Shide, and the WBG Country Director for Ethiopia, Carolyn Turk, the ministry revealed in a statement on Monday.
The agreement encompasses both credit and grant modalities – a 280 million U.S. dollars credit and 70 million U.S. dollars grant with an overarching goal of supporting Ethiopia’s efforts in advancing the livelihoods of 2.5 million pastoralist lives.
The combined 350 million U.S. dollars assistance, among other things, aspires to help activities that reduce long term environmental degradation and vulnerability of communities to droughts.
It also envisaged to help facilitate access to major social services such as water points, veterinary facilities, construction of roads, livestock markets, irrigation projects, as well as promoting partnership between private companies and livestock herders, it was noted.
An estimated 11 percent of Ethiopia’s 105 million population lives in pastoral dominated areas of the country.
Last month, the World Bank Group had similarly approved 200 million U.S. dollars financial assistance to support Ethiopia’s ongoing energy sector reforms, with an objective to encourage private sector participation in the renewable energy sector.
