Ethiopia, AfDB sign 44.4 million US Dollars grant agreements

Addis Ababa, July 27, 2022 (FBC) – The Ministry of Finance and the African Development Bank signed two Financing Agreements amounting to a total of 44.4 million US Dollars both in the form of grants.

The first Financing Agreement amounting to 40 million US dollars will finance the implementation of the Program to Build Resilience for Food and Nutrition Security in the Horn of Africa.

And the second 4.4 million US Dollars Grant Agreement will be used for the implementation of the Institutional Support Project to Strengthen Macroeconomic Management (ISP-SMM) respectively which is 44.4 million USD in total, according to Ministry of Finance.

The Program to Build Resilience for Food and Nutrition Security in the Horn of Africa is designed as a subsequent phase of the Drought Resilience and Sustainable Livelihoods Program and the resource will be used to contribute to improve living conditions including for women and the youth, food and nutrition security, increasing resilience, as well as peace and security in drought prone lowland areas of the country.

The ISP-SMM will be used to strengthen the capacity of key macro institutions in research and policy analysis underpinned by a well-managed public investment program.

The Agreement was signed between Semereta Sewasew, State Minister of Finance and Dr. Abdul B. Kamara, Deputy Director General, East Africa Regional Development and Business Delivery, African Development Bank, representing the Government of Ethiopia and the African Development Bank, respectively.