Ethiopia: WB Extends U.S.$258 Million to Overcome Drought, Maternal Death
Ethiopia: WB Extends U.S.$258 Million to Overcome Drought, Maternal Death.
The deal comes just a month after the bank approved 645 million dollars In the midst of the drought, the World Bank (WB) has approved a quarter of a billion dollars as additional finance for the fourth productive safety net program (PSNP IV) and health care services.
Launched a decade ago, the PSNP provides regular food or cash transfers to food insecure people.
The safety net program is designed to respond to food insecurity that arises from shocks such as drought and chronic needs.
The fund has been approved as the country is struggling to counter a new drought which has left 7.8 million people in urgent need of assistance.
Approved in 2014, PSNP requires a total cost of 3.6 billion dollars from the Bank and 11 development partners.
The estimated total budget of the PSNP from 2015 to 2020 is 3.6 billion dollars, with financing from the government and 11 development partners, including the World Bank.
Over the past two decades, the World Bank committed to more than 70 projects in the country.
Up until the end of last year, the Bank financed 29 active projects with a commitment of about eight billion dollars.
Highway and bank development assistance were the first two projects of the World Bank in Ethiopia.