Ethiopia signs $ 300 million agreement with the World Bank

Ethiopia signed $ 300 million agreement with World Bank to launch a 450 million urban safety net program. The Ethiopian Government is set to contribute the additional 150 million dollars of the project's total cost. Abdulaziz Mohamed, Ethiopian Minister of Finance and Economic Cooperation (MoFEC), and Carolyn Turk, WB Country Director for Ethiopia, signed the agreement at a ceremony held on the premises of MoFEC in Ethiopia's capital Addis Ababa. The urban productive safety net project is the first flagship urban safety net in Africa. The program is part of Ethiopia’s urban food security and job creation strategy, which aims to reach 604,000 urban poor in the coming five years.