Ethiopia, World Bank Sign $400m Financing Agreement (October 14, 2020)

Ethiopia and the World Bank today signed a financing agreement amounting $400 million for the urban productive safety nets and jobs project (UPSNJP).

The agreement was signed here in Addis Ababa by Ahmed Shide, Ethiopia’s Minister of Finance, and Ousmane Dione, World Bank Country Director for Ethiopia, Eritrea, South Sudan and Sudan.

The stated amount of funding from the International Development Association (IDA) was approved on September 30, 2020 by the World Bank Group’s Board of Executive Directors.

The grant will support Ethiopia’s efforts to improve the incomes of the urban poor and promote the inclusion of disadvantaged urban youth in the labor market under UPSNJP.

The UPSNJP will provide social protection as well as jobs related services to 816,000 beneficiaries in around 83 cities across the country.