Africa Development Bank (AfDB) signs US$28.8mn grant to support Somalia
This week, African Development Bank (AfDB) and Somalia signed two grants for a total of US$28.8mn to improve the livelihoods of people in Somalia and boost resilience.
The approved grants are a continuation of AfDB’s efforts to invest in Africa as a whole, earlier this month the bank announced strong results from the US$13bn it has already invested into the country.
Each grant was signed by Somalia’s Deputy Finance Minister, Abdullahi Sheikh Ali and African Development Bank’s Deputy Director General for East Africa, Nnenna Nwabufo.
Others that were present at the signing included: Somali ministers for public works, housing and reconstruction and energy and water resources, as well as, representatives from South West and Jubbaland states and the International Organisation for Migration.
The first grant of US$11.99mn, will help the Kismayo Baidoa urban water project, to strengthen quality of life, inclusiveness and resilience through increased access to safe water, as well as improve sanitation and water delivery services.
The second grant of US$16.86mn will part finance a US$66.7mn road project, to rehabilitate 355km of regional road networks and improve the capacities of public agencies. The project is expected to improve productivity, living standards and inter-regional trade as well as reduce the cost of business and create jobs.
Both projects are set to be launched mid-September and will be implemented within the framework of the bank’s multi-Partner Somalia infrastructure fund as well as being consistent with the key objectives of Somalia’s National Development Plan.
AfDB’s ongoing portfolio in Somalia currently totals at roughly US$143.7mn across governance, institutional support, capacity building, agriculture, transport and social sectors.
- Reaction as UAE, Saudi, Egypt, Iran invited to join BRICSLeadership & Strategy
- Saudi's ambitious plan to become a top global logistics hubCorporate Finance
- Climate tech funding: why the opportunity in Africa is hugeSustainability
- Record number of CFOs prioritising investment, say DeloitteCorporate Finance