Ethiopia and the World Bank on Wednesday signed a $250 million financing agreement to support urban development and expand employment opportunities in the East African country.

The fund will be used to support the Urban Productive Safety Net and Jobs Project, a flagship program aimed at improving incomes for the urban poor through strengthening labor market access for the youth and women, the Ethiopian ministry of finance said in a statement.

According to the statement, the project’s key activities include providing labour-intensive public work opportunities and livelihood grants targeting vulnerable urban households, fostering youth employment, and extending support to cover refugees and host communities in selected localities.

The project includes cash transfers and complementary services designed to support social and economic reintegration, part of a broader effort to strengthen Ethiopia’s urban social protection systems.

The Urban Productive Safety Net and Jobs Project is one of several World Bank-backed initiatives supporting Ethiopia’s social protection and employment agenda.

The World Bank has been a long-standing development partner, with a portfolio spanning infrastructure, health, education, and social safety nets.

The agreement was signed virtually by Semereta Sewasew, state minister of finance, and Maryam Salim, the World Bank’s division director for Ethiopia, Eritrea, Sudan and South Sudan.

Source: Apanews