Finance

African Development Bank multi-partner Somali Fund to receive USD$3 million from IsDB

Friday, 05 April 2019 17:52
African Development Bank multi-partner Somali Fund to receive USD$3 million from IsDB

(AfDB) - The African Development Bank has welcomed the Islamic Development Bank’s agreement to contribute USD$3 million to the multi-partner Somalia Infrastructure Fund (SIF). The signing ceremony for the agreement took place on the sidelines of the 44th Islamic Development Bank (IsDB)’s Annual Meetings in Marrakech, Morocco.

Dr. Mansur Muhtar, IsDB Vice President for Country Programmes, signed the agreement on behalf of the Islamic Development Bank. In his remarks, Dr. Mukhtar lauded the Bank’s efforts in establishing the Somalia Infrastructure Fund. “Establishment of the SIF shows the Bank’s commitment in supporting infrastructure development and enhancing the delivery of basic social services in Somalia”, noted Dr. Muhtar.  He further commended the Federal Government of Somalia’s concerted efforts for improved security and economic reforms.

The Islamic Development Bank’s move to channel its funds through the SIF reaffirms its commitments to partner with the African Development Bank in contributing to the development of their common member countries.

Nnenna Nwabufo, the Bank’s Deputy Director General for the East Africa Region, and Country Manager for Somalia, said: “The contribution by the Islamic Development Bank will add to the ongoing efforts of rehabilitating and developing key infrastructure in the water, transport and energy sectors”. 

Dr. Abdirahman Beileh (photo), Federal Government Minister for Finance, who witnessed the ceremony, noted that rebuilding infrastructure is a key priority for the Government of Somalia. 

The SIF was established in October 2016 with the main objective of supporting and accelerating Somalia’s inclusive and sustainable economic recovery, peace and state building, through the rehabilitation and development of infrastructure.

Since it became operational, the SIF has received support from the United Kingdom, Italy, the European Union, the Islamic Development Bank and the African Development Bank. Some of these funds have been used to finance three ongoing projects: Improving Access to Water and Sanitation Services in Somalia (USD$10.6 million); Strengthening Institutions for Public Works (USD$7.8 million); and Economic and Financial Governance Institutional Support Phase II (USD$7.8 million).

Three additional projects funded at about USD$82 million are currently being prepared for implementation within the SIF framework.

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