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World Bank, Fed Agree on $715m in Funds to Fight Food Insecurity


World Bank, Fed Agree on $715m in Funds to Fight Food Insecurity

The World Bank Group and the Ministry of Finance have signed an agreement for 715 million dollars to go towards fighting food insecurity. Most of the financing (600 million dollars) is earmarked for the implementation of a Food Systems Resilience Programme. A third of the amount is in the form of grants, while the balance is credit. An additional 115 million dollars is pledged for improving access to financial services and bolstering economic activity in pastoralist areas. The areas targeted are mostly in the country's south and east, where a severe drought has put millions of people at risk of starving. Earlier this month, the World Food Programme (WFP) warned the Horn of Africa could face "unprecedented" levels of food insecurity in 2023. The UN agency said armed conflict, climate change, drought, and supply disruptions brought on by Russia's war in Ukraine bode ill for the region. Two months ago, the World Bank provided the federal government a 300 million dollar grant to help people affected by the armed conflict in the country's north.

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Radar

Parliament Receives $237m Development Loan Package

The Council of Ministers forwarded two concessional loan agreements totalling 237.3 million dollars to Parliament for ratification, targeting rural infrastructure and food security. The package includes 46.3 million dollars from the African Development Bank (AfDB) for climate-resilient infrastructure in pastoralist regions. A second credit facility of 191 million dollars (146.1 million SDR) from the International Development Association (IDA) is earmarked for the sixth phase of the Productive Sa...


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MoTRI to Overhaul Consumer Protection Rules Following Cabinet Approval of Trade Policy

The Council of Ministers, led by Prime Minister Abiy Ahmed (PhD), approved Ethiopia's first unified trade policy last week, ending a three-year deliberation period to fill a decades-long regulatory vacuum,. This institutional milestone mandates the Ministry of Trade & Regional Integration (MoTRI) to overhaul consumer protection frameworks, specifically requiring a rigorous revision of the Trade Competition and Consumer Protection Proclamation to eliminate market distortions and the prolifera...


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Regional Power Exports Yield $366m as Capacity Hits 9.6GW

Ethiopian Electric Power (EEP) generated 365.99 million dollars from regional exports in the first nine months of the fiscal year as national capacity reached 9,579MW. The revenue followed the sale of 24,940GWh, representing 91pc of gross generation. Hydropower remains dominant, providing 9,500MW. To diversify assets and mitigate climate risks, the utility integrated the 100MW Asela Wind Power Project. The transmission network has expanded to 148,600km to secure domestic industrial supply and...