The Ethiopian government and the World Bank have signed financing agreements amounting to 1.72 billion U.S. dollars in support of Ethiopia's development.

The accords, which were made in the form of credits and grants, were signed by Ethiopia's Minister of Finance Ahmed Shide and the World Bank's country representative Ousmane Dione, the Ethiopian Ministry of Finance said in a statement Friday.

The resource will be used for the implementation of six projects aimed at driving sustainable development and inclusive growth in the East African country, the ministry said.

The projects include a 300-million-U.S. dollar grant to enhance climate-resilient accessibility to food markets and services for target populations and strengthen institutional capacity for rural road management, it added.

Another 82.5-million-dollar grant will finance the enhancement of incomes for the urban poor and promote labor market inclusion for disadvantaged urban youth. Additionally, a 340-million-dollar credit is aimed at enhancing livelihoods and climate resilience for pastoral and agro-pastoral communities in Ethiopia's lowlands.

According to the ministry, the financing support also includes a 522.63-million-dollar investment to strengthen and expand the electricity network and facilitate renewable energy generation in Ethiopia as well as a 275-million-dollar grant to increase access to water supply and sanitation services in the country.