WASHINGTON, December 1, 2004, - The following projects were approved yesterday by the World Bank’s Board. The below summaries for Ethiopia have been corrected.
GRANT AMOUNT: US$55.7 million
CREDIT AMOUNT: US$ 14.3 million
TERMS: Grace period = 10 years; Maturity = 40 years
PROJECT DESCRIPTION: This project aims at helping Ethiopia attain food security for between 5-6 million people who are considered to be chronically food insecure. This program is a key instrument of the New Coalition for Food Security launched by the Government and its development partners in December 2003. It aims to shift Ethiopia from dependence on food aid for humanitarian relief, toward a development-oriented safety net system that is both growth-enhancing and effective in the social protection of chronically food insecure households. It will still address immediate and emergency human needs by providing food to the population in chronically food insecure local government area, but in addition, will provide grants to households and communities to encourage them to engage in production and investment. The program is also expected to promote market development by increasing household purchasing power and supporting the transformation of the rural economy. For more information, please call Herbert Boh at (202) 473-3548, or email: hboh@worldbank.org.For project information documents, visit: http://web.worldbank.org/external/projects/main?pagePK=104231&piPK=73230&theSitePK=40941&menuPK=228424&Projectid=P087707
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