Ethiopia and the World Bank (WB) have inked a loan agreement on January 12, 2016, worth USD 300 million that will be used for Urban Productive Safety Nets Project.

Abdulaziz Mohamed, Minister of Finance and Economic Cooperation (MoFEC), and Caroly Turk, WB Country Director for Ethiopia have signed the loan agreement in Addis Ababa.

During the signing ceremony at the Minister’s office, both sides offered a speech.

The Minister stated Ethiopian government has allocated USD 450 million for the implementation of urban productive safety net project, out of which WB covered USD 300 million.

The project will support the urban poor via transfer of cash, building capacity of institutions and providing technical support that improves livelihoods. About 600 thousand people in 11 cities including Addis Ababa and Diredawa City Administration will get benefit from the project.

Source: Ethiopian News Agency