African Development Bank financing for this program represents one of the Bank’s most ambitious operations in terms of scale and scope to date. It is made up of an African Development Bank loan of $160 million and an Africa Growing Together Fund loan of $50 million. The Special Agro-Industrial Processing Zones Program is expected to bring economic infrastructure to rural areas of high agricultural potential. In addition to African Development Bank financing for Phase 1 of the Nigeria project, the Islamic Development Bank and the International Fund for Agricultural Development will provide parallel co-financing. The African Development Bank’s Vice President for Agriculture, Human and Social Development, Beth Dunford, said: “Equitable employment and economic opportunities are a cornerstone of the Bank’s work.

Source: Ethiopian News December 15, 2021 19:05 UTC