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World Bank signs $1.3bn pact to aid Ethiopia’s devt

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World Bank signs $1.3bn pact to aid Ethiopia’s devt

The World Bank and the Ethiopian government have signed two agreements amounting to $1.3 billion to support Ethiopia’s development. Ethiopian Minister of Finance and Economic Cooperation, Abraham Tekeste, said during the signing ceremony in Ethiopia’s capital Addis Ababa that the two agreements will support long-term system building and capacity development together with human development and poverty reduction endeavors.

The first agreement, involving $700 million, will finance the ongoing Ethiopia’s Enhancing Shared Prosperity through Equitable Services (ESPES) programme, which aspires to improve basic service delivery in education, health, agriculture, water supply and sanitation, and rural roads development.

The second grant agreement worth $600 million will finance the planned improvement of Ethiopia’s rural reproductive safety net system under implementation as part of Ethiopia’s national protection policy and social protection strategy, it was indicated.

The rural reproductive safety net programme targets to support 8 million food insecure people in Ethiopia’s eight regional states, it was indicated. According to Tekeste, the Ethiopian government expected the two programmes to help propel the country’s economic growth, bringing significant advancement to Ethiopia’s human development efforts.

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