UK to help revitalise and expand the Somali economy
UK to provide £37million to help revitalise and expand the Somali economy
The UK will provide £37 million over the next three years to support economic development in Somalia. The support, delivered through UKaid, will be focused on enabling the Federal Government of Somalia to build the capacity of its public institutions; and improving the business environment, particularly for young people and women. An initial contribution of £6 million was made in October and will be used primarily to support the recurrent costs of the Federal Government, such as civil service salaries.
The Head of DFID Somalia, Phil Evans said;
Somalia’s economic development is a priority for DFID Somalia and the UK Government. The funds will contribute to strengthening public sector management, improving and expanding critical infrastructure and will support the development of productive sectors in line with the goals set out in the New Deal Compact for Somalia”. The programme will be implemented through a multi partner fund administered by the World Bank.
Further information
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The Federal Government of Somalia set out its priorities over the next three years within the New Deal Compact agreed with donors. The agreement includes establishment of multi partner funds to provide effective donor coordination, support government ownership and leadership, and enable longer term institution building.
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The World Bank has the technical expertise and a strong track record on effectively delivering multi partner funds. DFID Somalia is the first bi-lateral Donor to disburse into the fund. We will continue to work with the World Bank over the coming months on the management of the fund.