The Multi-Partner Somalia Infrastructure Fund will get a boost with the signing of an agreement for additional one million euros from Italian government.
The fund was established in October 2016 to finance windows under the Somalia Development and Reconstruction Facility of the New Deal Compact for Somalia.
It is to support and accelerate war-torn 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 ceremony followed the conclusion of a SRCIP appraisal mission to Somalia during which about 30 representatives of the Federal Government of Somalia, Federal Member States, the Bank and the EU discussed the programme components, financing plans, implementation, procurement, financial and disbursement arrangements.