The Somali government has signed $80m grant deal with the World Bank (WB).
Funds from the deal penned in Mogadishu on Wednesday, will go towards the Horn of Africa state's development projects.
Finance
minister Abdurahman Duale Beyle signed the agreement on behalf of the
Somali government, while Ms Deborah (Bell) Bird, the Africa Regional
Director, signed for the World Bank.
The economy
Dr Beyle stated that the World Bank welcomed the Somali government’s efforts in restructuring the economy.
“That is why the World Bank has initiated a grant amounting to $140 million,” he said.
The minister added that the “$80m being signed today has been approved by the bank’s board”.
The partnership
Dr
Beyle further noted that the World Bank grant and another signed in
September with the European Union indicated that Somalia was regaining
the partnership with the international community.
Ms
Bird underlined that the World Bank was satisfied with the efforts of
the Somali government in meeting the requirements for debt forgiveness.
According
to a European Union (EU) dispatch, a September EU delegation to Somalia
signed three contracts worth $22.6 million to support stabilisation and
local governance across Somalia.
In another dispatch
in September, the European Union said it had approved $116 million in
its first-ever budget support to Somalia's government.
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