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Ethiopia Signed Financing Agreement with the World Bank

Today, December 7, 2018, the Federal Democratic Republic of Ethiopia signed a Financing Agreement amounting to USD 100 million (approximately ETB 2.7 billion) in the form of credit with the World Bank at a ceremony held at the Ministry of Finance.

The proceeds from the credit will be used to finance the implementation of the Resilient Landscapes and Livelihoods Project. The main objective of the project is to support Ethiopian government’s efforts in areas of climate resilience, improving land productivity and carbon storage, and increased access to diversified livelihood activities in selected rural watersheds. The program covers Amhara, Tigray, Oromiya, SNNP, Gambela and Benshangul Gumuz National Regional States and intend to further promote effective landscape management activities and increase land productivity. The project is designed to help improve the livelihoods of 645,000 rural households in Ethiopia, predominantly those who are vulnerable to climate variability, recurrent drought and land degradation.

The Project is built to scale up the successes of the Sustainable Land Management Program that was going on for the last 10 years. The project will be co-financed by the Government of Norway.

H.E. Mr. Ahmed Shide, Minister of Finance, and Ms. Carolyn Turk, World Bank Country Director for Ethiopia, signed the agreement.