Business
THE board of directors of the African Development Bank Group, AfDB, has approved the Bank’s Somalia Country Brief 2017-2020, under which the Bank will help restore the country’s critical infrastructure and build capable institutions.
In line with Somalia’s 2017-2019 National Development Plan, the Brief approved by the Board on Friday, 3 November 2017, identifies ways and means to support the rebuilding of the country. Preparation of the Country Brief benefited from consultations with the Federal Government of Somalia, Federal Member States, Somali Civil Society and Private Sector, other donors and international partners.
Somalia has experienced moderate GDP growth over the past four years, averaging 3.4% per annum. However, due to the on-going drought, real GDP growth in 2017 is projected to decelerate to about 2.4%. This would impact negatively on the agriculture and livestock sectors.
Consequently, the Country Brief’s overarching objective is anchored on two main pillars: (i) Rebuilding key infrastructure to enhance resilience and diversify livelihoods; and (ii) Institutional capacity building and skills development for improved governance and job creation.
These pillars will ensure that the Bank is able to take the lead in rehabilitating and developing Somalia’s infrastructure over the medium term, in line with the expectations of Somali authorities and international partners. Furthermore, the two pillars will enable the Bank to deliver on three of its High 5 priorities in Somalia – Light up and Power Africa, Feed Africa and Improve the Quality of Life of the people of Africa.
The indicative pipeline of projects will be financed through donor contributions to the Somalia Infrastructure Fund (SIF), resources from the African Development Fund (ADF), and other trust Funds managed by the Bank.
The Board emphasized the need for the Bank to remain engaged in Somalia despite numerous political, economic, social and environmental challenges facing the country. – AFDB
– Nov 6, 2017 @ 18:30 GMT |
Tags: AfDB to help Somalia restore Critical Infrastructure Somalia
