Comments Off on Ethiopia gets $550m World Bank loan – Journal du Cameroun

Ethiopia gets $550m World Bank loan – Journal du Cameroun

Ethiopia gets $550m World Bank loan – Journal du Cameroun

Ethiopia gets $550m World Bank loan

Published on 29.05.2019 at 12h21 by APA News

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The World Bank’s Board of Executive Directors approved a total of $550 million for Ethiopa in bid to improve the livelihoods of pastoralists and the nation’s ongoing power sector reforms.$350  million  ($70m grant $280m credit) was secured  from the International  Development Association (IDA) will be used to improve the livelihoods  and resilience of 2.5 million pastoralists and agro-pastoralists in low  land areas, the bank said in a statement on Wednesday.

The  Low lands Livelihood Resilience Project approved by the bank will help  to improve the livelihoods and resilience of pastoral and agro-pastoral  communities in Ethiopia by addressing their binding constraints, the  statement said.

“The  project will put communities in charge of their own development  priorities by enabling them to identify, lead and manage local  development initiatives,” said Carolyn Turk, World Bank Country Director  for Ethiopia, Sudan and South Sudan.

The  project will reduce long-term environmental degradation and  communities’ vulnerability to climate change related droughts. It will  also facilitate access to crucial social services such water resources  to communities, upgrade veterinary facilities and help construct key  infrastructure such as bridges roads, livestock markets, small scale  irrigation schemes.

The  project will support the introduction of technologies that improve  animal productivity (i.e. milk and meat production). Furthermore, it  will improve market linkages and commercialization by facilitating the  development of partnerships between private companies and groups of  producers.

Mean  while, the $200m Renewable Energy Guarantees Program (REGREP) approved  by the bank will support Ethiopia’s ongoing power sector reforms and  leverage private sector financing for renewable energy generation.

The  program will support the Government of Ethiopia’s ongoing power sector  reforms and leverage private sector financing for renewable energy  generation.

REGREP  will support the development of over 1,000 MW of greenfield solar and  wind energy Independent Power Producer (IPP) projects in Ethiopia,  including the World Bank Group Scaling Solar initiative.

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