Ministry of Finance and the African Development Bank signed two financing agreements amounting to a total of $44.4 million both in the form of grants.
The agreements have been signed between Semereta Sewasew, State Minister of Finance and Abdul B. Kamara (PhD), Deputy Director General, East Africa Regional Development and Business Delivery, African Development Bank, representing the Government of Ethiopia and the African Development Bank, respectively.
The first financing agreement amounting to $40 million 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 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 in total.
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.