(05-10-23) MOGADISHU — A $13.29 million grant aimed at bolstering Somalia’s economic governance was approved by the African Development Bank Group, according to a statement released by the board on Monday.
The funds are earmarked for the Institutional Support for Economic Governance Project, focusing on enhancing domestic revenue mobilisation and public expenditure management. Of the total grant, $9.31 million is allocated from the African Development Fund, the bank’s concessional wing for low-income countries. An additional $3.98 million is sourced from the Transition Support Facility’s Pillar 1, specifically designed for fragile states.
The project will provide essential technical aid, training and tools to strengthen tax collection efficiency and institutional capabilities across federal and state-level governmental bodies. These efforts aim not only to reinforce Somalia’s fiscal and budgetary foundations but also to instil mechanisms for inclusive governance and economic resilience.
Among the primary beneficiaries are the finance ministries of the federal government and the Federal Member States, including Somaliland, Galmudug, Hirshabelle, Jubaland, Puntland, and South-West. Several key federal departments, such as the Revenue Department, Debt Management Department and Public Procurement Department, are also targeted to benefit from this initiative.
This development has been met with optimism as Somalia continues its path towards stabilisation and recovery from three-decade-long civil unrest, drawing support from international bodies willing to invest in its future.
Halqabsi News
