AfDB says working to scale up resources for agriculture, water development in Ethiopia

Addis Ababa, May 24, 2022 (FBC) – Semereta Sewasew, State Minister of Finance, discussed with Beth Dunford, Vice president for Agriculture, Human and Social Development of African Development Bank in Accra, Ghana.

The Ethiopian delegation led by Semereta Sewasew, State Minister of Finance met with Beth Dunford Vice President for Agriculture, Human and Social Development of the Bank.

In her Discussion, State Minister Semereta explained that Agricultural Development has enjoyed considerable attention by the Government of Ethiopia and considered as absolute priority.

This has been evidenced by the fact that the Government has been allocating consistently more than 10% of its national budget for the sector, surpassing our CAADP commitment of public expenditures to agriculture.

Ethiopia has made extensive investments in agriculture extension, rural infrastructure development, agricultural input delivery, natural resource management and safety net programs.

However the expected level was not achieved because the sector has been exposed to multiple shocks and risks. Ethiopia has utilized the resources allocated to the Agriculture sector and ongoing projects are implemented well.

The Vice President, on her part, explained that the Bank is working on how to scale up the resources available to Ethiopia especially to the Agriculture and Water sector development to address the challenges affecting the Horn of Africa Region because of the climate change.

The team exchanged ideas on how the ongoing Productivity Enhancement project and the newly upcoming food security, Borena Water Supply project and dry land wheat development program is expedited.

The main focus of the meeting is on how the Bank mobilize affordable development financing at scale for Africa’s faster economic recovery, development, and integration and building resilience to shocks.

The ADB Group stared operation in Ethiopia in 1975 and since the Bank financed close to 100 operations in the past thirty years. The amount of funds committed so far for these operations amounts to USD 2.5 billion.

Currently the Bank is supporting about 23 ongoing Projects valued at USD 1.61 billion mainly in Transport, Energy, water, Agriculture and private sector development