African Development Bank multi-partner Somali Fund to receive USD$3 million from IsDB
Friday, 05 April 2019 17:52
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.
Live News
-
Trump New Trade Tariffs Adjustment Affects African Countries Diversely
14:13
-
Douala Autonomous Port Projects 360 bn CFA Windfall Over 28 Years from a Hotel Development
13:02
-
Nigeria: Jigawa Hosts Digital Literacy Training for Over 1,000 Pupils and Teachers
16:29
-
South Africa: Tshwane University of Technology and Huawei Deepen Digital Skills Partnership
16:16
-
Cameroon Banks: Compliance Holds Up Even as Bad Loans Climb, According to AFDB
12:52
-
Solarcentury activates 25 MW of Mailo solar plant in Zambia, a first for SAPP
10:45
-
Greater Lomé adopts geospatial tool to improve urban planning and service access
08:53
-
Agoè-Nyivé 5 Joins National Push to Decentralize Development Planning
08:31
-
Lack of digital addresses slows Africa’s shift to an inclusive digital economy
08:28
-
Cameroon: Tax Authorities Take a Door-to-Door Approach to Boost Declarations
08:20
The fintech leaders primarily emerge from Nigeria, Egypt, Kenya, and South Africa, nations recognize...
What seemed like a routine administrative matter has drawn Madagascar into an international controve...
As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth i...
Non-bank institutional investors, though still a minority, are increasing their presence in the West...
• Glo launched a network upgrade plan after a 50% telecom tariff hike.• It aims to add 1,000+ 4G sit...
• US reduced initial April rates (up to 50%) to 10-30% in August for some African nations, exempting minerals/oil, via negotiations to address trade...
• Presidential Decree 2019-034 transformed PAD from landlord to master developer, allowing PAD to monetise surplus plots and diversify revenue, exactly...
Solarcentury has launched the first 25 MW phase of the Mailo solar project. Electricity is now sold on the Southern African Power Pool without a...
A new bilateral commission will oversee energy, education, and security projects. The initiative follows President Traoré’s visit to Russia in May...
Christopher Nolan faces criticism for shooting scenes of The Odyssey in Dakhla, Western Sahara. FiSahara and pro-Sahrawi voices accuse the...
Garamba National Park, located in the northeastern Democratic Republic of Congo, is one of Africa’s oldest and most iconic protected areas. Established in...