World Bank Approves $550m in Development Aid for Ethiopia

World-Bank-550M-Grant-EthiopiaMay 29, 2019 (Ezega.com) -- The World Bank approved $550 million in development aid for Ethiopia last week, according to FBC report.

The fund was meant to support the livelihoods of pastoralists and power sector reforms in Ethiopia, according to the report.

Of this, $350m ($70m grant, $280m credit) came from the International Development Association (IDA) to improve the livelihoods and resilience of 2.5 million pastoralists and agro-pastoralists in lowland areas.

The remainder, $200m, is from the Renewable Energy Guarantees Program (REGREP) approved by the bank to support Ethiopia’s ongoing power sector reforms and renewable energy generation.

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

The project will reduce long-term environmental degradation and communities’ vulnerability to climate changes. It will also facilitate access to crucial social services, such supplying water to communities, upgrading veterinary facilities, and building infrastructure such as bridges roads, livestock markets, small scale irrigation schemes.

The project will support the introduction of technologies to improve animal productivity, including milk and meat production. It is also meant to improve market linkages between private companies and producers.

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.

Source: FBC

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