Ethiopia, World Bank sign 350 mln USD finance assistance accord

Source: Xinhua| 2019-06-03 23:11:03|Editor: yan
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ADDIS ABABA, Xinhua (June 3) -- Ethiopia and the World Bank on Monday signed a 350 million U.S. dollar finance assistance agreement to transform the lives of pastoralist communities in Ethiopia, state media reported.

The agreement was signed at Ethiopia's Ministry of Finance by Ethiopian finance minister Ahmed Shide and Carolyn Turk, Ethiopia country director of the World Bank Group, Ethiopia Broadcasting Corporate (EBC) reported.

The World Bank Group approved 280 million dollars in credit and 70 million dollars in grant to support Ethiopia's efforts to advance the livelihoods of 2.5 million pastoralists, the EBC said.

The combined 350 million dollar assistance aims to help activities that reduce long-term environmental degradation and vulnerability of communities to droughts.

It also plans to help facilitate social services access such as water points, veterinary facilities, as well as to finance construction of roads, livestock markets, irrigation projects and to develop partnership between private companies and livestock herders.

An estimated 11 percent of Ethiopia's 105 million people live in mainly pastoral areas.

Last month, the World Bank approved 200 million dollars in financial assistance to support Ethiopia's ongoing energy sector reforms and encourage private-sector participation in the renewable energy sector.

Ethiopia plans to raise its current 4,300 MW electricity generation capacity to 17,300 MW by 2025, with power generation projects in hydro, wind, solar, geothermal and biomass sectors.