Ethiopia, World Bank sign over $512m financing agreement

Addis Ababa, December 3, 2020 (FBC) –The World Bank has provided $512.5 million in loan and grant to enhance the implementation of Strengthen Ethiopia’s Adaptive Safety Net Project (SEASN).

Of the total, $312.5 million is a grant, while the remaining amount is a loan.

Ethiopia’s Minister of Finance, Ahmed Shide and World Bank Country Director for Eastern and Southern Africa, Ousmane Dione, signed the agreement here today.

This financing will allow for more geographic coverage, enable better service delivery, and is an important next step in modernizing Ethiopia’s productive safety net program (PSNP).

SEASN benefits people living in extreme poverty in rural areas and those areas affected by drought.