ADF supports Poverty Reduction Programme in Ethiopia
The ADB Vice-President for North, East and South Operations, Mr. Theodore Nkodo and the Ethiopian Ambassador to France, Mr. Sahle-Work Zewde, signed in Tunis, the agreement for the loan which will be used to support the implementation of the Government’s Sustainable Development & Poverty Reduction Programme.
The Poverty Reduction Support Loan (PRSL) program is expected to result in rapid and sustainable economic growth through the commercialization of smallholder agriculture, secure land tenure, increase the contribution of the private sector and enhance the competitiveness of the economy in the context of globalization. It will contribute to human development by increasing the budgetary funding of key social services in order to expand access to primary education, improve the health status of the population and expand access to safe drinking water and adequate sanitation facilities.
The project will also encourage good governance in the country by supporting reforms on transparency and accountability in the management of public finance.
Speaking at the signing ceremony, Mr. Nkodo said that the operation was a further demonstration of the Bank’s strong support for the country’s poverty reduction efforts. "The PRSL will assist the Government increase the budgetary allocation to tackle immense challenges in its struggle against poverty and in achieving the Millennium Development Goals," he emphasized.
VP Nkodo encouraged the Ethiopian Government to step up the implementation of its poverty reduction strategy to improve the well being of its people.
In his intervention, Ambassador Sahle-Work Zewde said the government was grateful for the ADF support. "The government of Ethiopia believes that there is no other fight than against poverty," he added.
The Bank Group’s Operations in Ethiopia started in 1975. To date, the Group has committed a total of US$ 1.9 billion in 76 operations in the country.
*1 UA = 1.52049 $US as at 01/02/2005