UK invests £1.5m to support nationwide Somalia Infrastructure Fund
The funds will help strengthen government capabilities in infrastructure development, management and provide skills training for young people
MOGADISHU, Somalia, December 23, 2016/APO/ –The UK Department for International Development (DFID) is providing £1.5 million of support to help establish a new fund to deliver key infrastructure projects in Somalia.
The support, delivered through the African Development Bank’s (AfDB) multi partner “Somalia Infrastructure Fund”, will make a vital contribution to Somalia’s stability by focusing on infrastructure rehabilitation and development, with specific investments in the energy, water and sanitation and transport sectors.
The funds will also help strengthen government capabilities in infrastructure development and management, and provide skills training for young people.
These investments will be critical in building Somalia’s economy, creating employment opportunities and supporting peace and state building.
The Head of DFID Somalia, Phil Evans said:
Somalia’s economic development is a top priority. This new fund will help bridge a gap in international donor funding to Somalia. Our contribution is part of the UK’s wider efforts in helping boost economic growth across all regions in Somalia, with the aim of improving productivity, reducing the costs of doing business and creating jobs. The Somalia Infrastructure Fund is part of the Somali New Deal Compact commitments endorsed by Somalia and its international development partners in Brussels in September, 2013.
- The AfDB attaches great importance to the Somalia Infrastructure Fund (SIF), one of the Multi-Partner initiatives for assisting Somalia in its state and peace-building efforts, following the country’s prolonged civil strife. The SIF is one of the three funding windows administered by the AfDB, World Bank, and UN under the Somali Development and Reconstruction Facility (SDRF).
- DFID Somalia’s Economic Development Programme aims to address the key constraints to inclusive growth across all regions in Somalia and promote job creation, particularly for women and youth, in line with government priorities. The programme focusses on:
- Strengthening economic institutions through creation of legal and regulatory environment necessary to stimulate business and investment; Increased accountable management of public finances to enable provision of public goods; and improving access to finance.
- Support for critical economic infrastructure to reduce the costs of doing business and facilitate trade.
- Improving productivity and competitiveness in key domestic and export sectors, including through market driven technical and vocational training and business management skills as well as building production, marketing and sales capacity.