Home East Africa Ethiopia: AfDB signed $830,000 worth agreement to strengthen climate change adaptation

Ethiopia: AfDB signed $830,000 worth agreement to strengthen climate change adaptation

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Ethiopia has received a $830,000 technical support grant from the African Development Bank (www.AfDB.org). The money will be used to integrate climate risk management, gender equality, and resilience into the country’s Ziway-Shallah sub-economic basin’s planning and development.

The signing took held in Accra on Thursday, May 26th, as part of the African Development Bank Group’s 2022 Annual Meetings. The Ethiopian government was represented by Semereta Sewasew, State Minister of Finance. Kevin Kariuki, Vice President of the African Development Bank for Power, Energy, Climate, and Green Growth, signed on behalf of the bank.

The cash will come from the Climate Investment Funds’ Climate Resilience Pilot Program. The project will be managed by the African Development Bank.

The grant will help to build a climate-aligned water resources development plan and investment strategy for Ethiopia’s central rift valley’s Ziway-Shalla sub-basin. A water allocation scheme will also be funded.

Minister Sewasew expressed gratitude to the African Development Bank for continuing to provide “strategic support” to Ethiopia’s planning and implementation. “I appreciate the Bank’s leadership and technical staff for making this financing possible,” she said.

“The African Development Bank’s commitment to delivering the High 5s through creative solutions, including climate and environment finance, focused on solving climate issues and utilizing climate financing opportunities to establish inclusive climate-resilient development routes,” Kariuki added.

The initiative is expected to boost biodiversity in the area’s many lakes while also increasing efficiency and long-term water security. It will also improve the management of upstream watersheds. The overall objective is to increase climate resilience. Communities that rely on rainfed agriculture are among the beneficiaries.

Ethiopia has received assistance from the African Development Bank in implementing Climate Investment Funds in renewable energy and resilience-building programs.

The Climate Investment Funds spent $33 million in Ethiopia through concessional loans and grants, leveraging more than double that amount from the public, corporate, and other sources.

The Climate Investment Funds, which began operations in 2008, is a global multilateral climate finance instrument for developing nations striving to transition to low-carbon, climate-resilient development and accelerate climate action.

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