Ethiopia, World Bank Sign $500 million Grant Agreement
June 16, 2019 (Ezega.com) -- The Ethiopian givernment and World Bank signed a $500 million grant agreement yesterday. The grant is meant to implement Climate Action through Landscape Management (CALM) Program, which aims to increase adoption of sustainable land management practices and expanding access to secure land tenure.
The agreement was siged at the Ministry of Finance by Ahmed Shide, Ethiopia’s Minister of Finance, and Ms. Carolyn Turk, World Bank Country Director for Ethiopia.
The program is a 5-year sectoral budget support program with a results-based approach, said the Ministry of Finance
It will support the government to scale up participatory watershed and land management activities in order to reduce land degradation and rural land tenure security.
During the signing ceremony, Finance Minister Ahmed Shide said that eventhough Ethiopia’s diverse production landscapes could provide a range of services to poor rural people, the landscapes are unable to reduce poverty or bring prosperity as required, according to ENA report.
The World Bank Country Director, Carolyn Turk, on her part said part of the project is expected to benefit rural households living on degraded land and estimated to support around 5,000 kebeles of Ethiopia’s highlands.
About 50 percent of Ethiopia’s highlands are currently defined as degraded with declining productivity. It is costing the country about 2 to 3 percent of its annual agricultural GDP, she added.
According to Ms. Turk, investing in land resources is vital to build resilient and equitable economic growth, as well as protect all of the works done so far.