MOGADISHU (Halbeeg News)-The Italian Government has inked a deal to provide €1 million to support Somalia’s, Infrastructure Fund.
In a statement issued on Wednesday, African Development Bank (ADB) said this will be Italy’s third injection of funds to the Bank-managed Fund, bringing its total contribution to date to €3.5 million for contribution to the Multi-Partner Somalia.
The Bank said the contribution will be used to co-finance the Somalia Regional Corridors Infrastructure Programme (SRCIP), with the support of the European Union (EU), the World Bank, and other partners.
The signing of the agreement was witnessed by senior Bank staff from the Eastern Africa Regional office, and representatives of the governments of Italy and Somalia in Mogadishu.
Representing the Somali authorities at the agreement signing event were Abdi Adam Hoosow, Somalia’s Federal Minister for Public Works Reconstruction and Housing; Honourable Ahmed Sheikh Mohamed, Minister, Southwest Ministry of Public Works and Honourable Ismail Ahmed Goros, Minister Jubbaland State Ministry of Public Works.
“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.
Carlo Campanile, the Italian ambassador to Somalia, said the infrastructure development is an essential enabler of economic growth as it attracts investments and creates job opportunities.
Established by the African Development 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.
The Multi-Partner Somalia Infrastructure Fund has so far received support from the Bank, the Government of Italy, the EU, Islamic Development Bank and the United Kingdom’s Department for International Development (DFID)
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