The World Bank has pledged to provide a substantial sum of US $200 million to support the implementation of the Social Security Project in the poverty-stricken region of Aswesuma. The project aims to uplift vulnerable and marginalized groups by offering better-targeted income and livelihood opportunities while fortifying the existing social security system.
At a cabinet meeting held on 8th May 2023, the proposal to engage in discussions and negotiations with the World Bank for funding the Social Security Project was granted approval. The visionary project seeks to empower the disadvantaged and create a sustainable social safety net, fostering economic stability and growth within the region.
The funds granted by the World Bank will be disbursed across three essential components of the project:
‘Aswesuma’ Welfare Benefit Payment Scheme (US $185 Million):
Economic Empowerment Pilot Project (US $7 Million):
Strengthening Project Management and Social Security System (US $8 Million):
The Cabinet of Ministers unanimously approved the resolution presented by the President in his capacity as the Minister of Finance, Economic Stabilization, and National Policies. This resolution outlines the necessary steps to enter into an agreement with the international development tribunal of the World Bank Group, facilitating the procurement of the agreed-upon funding.
