The Italian Government has signed an agreement for an additional €1 million contribution to the Multi-Partner Somalia Infrastructure Fund.
Established by the Bank in October 2016, the Fund is one of the financing windows under the Somalia Development and Reconstruction Facility of the New Deal Compact for Somalia. It aims to support and accelerate Somalia’s inclusive and sustainable economic recovery, peace and state building, through rehabilitation and development of the country’s infrastructure.
This will be Italy’s third injection of funds to the Bank-managed Fund, bringing its total contribution to date to €3.5 million. This latest contribution will be used to co-finance the Somalia Regional Corridors Infrastructure Programme (SRCIP), with the support of the European Union (EU), the Bank, and other partners.
The signing of the agreement on 14 March 2019, was witnessed by senior Bank staff from the Eastern Africa Regional office, and representatives of the governments of Italy and Somalia in Mogadishu.
“The Somalia Regional Corridors Infrastructure Programme is of great importance to the country as it will not only enhance inter-State connectivity but will also create jobs and hopefully slow down the recruitment of youth by militant groups,” Hoosow remarked.
The Multi-Partner Somalia Infrastructure Fund has so far received support from the Bank, the Government of Italy, the EU, Islamic Development Bank and United Kingdom’s Department for International Development (DFID).
Original source: AfDB
Published on 20 March 2019
