Africa
THE Board of Directors of the African Development Bank Group on 2 October 2023 approved a grant of $13.29 million to Somalia to help improve domestic revenue mobilization and public expenditure management under the Institutional Support for Economic Governance Project.
The grant comprises $9.31 million from the resources of the African Development Fund, the Bank Group’s concessional financing window for low-income countries, and $3.98 million from Pillar 1 of the Transition Support Facility for fragile states.
The project entails providing technical assistance, training and tools to improve Somalia’s domestic revenue mobilization and build institutional capacity at all levels of the federal government and Federal Member States. It will also support promoting inclusive governance and accountability for greater economic resilience.
The institutional capacity-building component of the project will focus on improving the efficiency of tax collection and strengthening Somalia’s ability to fund development investments and maintain its viability in budgetary terms.
The project’s direct beneficiaries are the Finance ministries of the federal government, Somaliland Galmudug, Hirshabelle, Jubaland, Puntland and South-West. Regarding the federal government, the primary beneficiaries are the Revenue Department, Debt Management Department, Budget Directorate, Public Procurement Department, Office of the Accountant General, the Internal Audit Department, Ministry of Transport and Aviation, Ministry of Ports, and Parliament.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
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October 8, 2023 @ 19:25 GMT|
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