The EU disburses 10.875 million EUR helping to accelerate socio-economic recovery in Somalia
On 17 December 2014, the EU made its first payment of 10.875 million EUR to the World Bank managed Multi Partner Trust Fund for Somalia, contributing to collective efforts to improve the lives of all Somali citizens. This is part of an overall package of 60 MEUR planned to be committed by the end of 2015.
One year ago, Somalia and its partners signed the Somali Compact, agreeing, among other, to establish a new and simple financing architecture which would help to streamline financing for country’s reconstruction and development and facilitate government ownership and leadership. The World Bank Multi-Partner Fund (WB MPF) is one of the two specific funds which were set up for this purpose. The EU is one of its key contributors, helping to strengthen the economic foundations, capacity of Somali institutions and improve business environment, especially for youth and women. This initial contribution of 10.875million EUR will mainly enable the financing of the emergency expenditure including the civil servant salaries.
Michele Cervone d’Urso, Head of the EU Delegation to the Federal Republic of Somalia, said: ‘Socio economic recovery represents the foundation for sustainable peace. This is the EU priority. Multi Partner Fund, administered by the World Bank is key in progressing towards this goal. Multi Partner Fund concentrates concrete and actionable priorities and new flagship programs. Hard choices have been made by the government in selecting them. Now it is time for delivery. The EU stood by its word and aligned its own investments with the Government plans and preferred aid channels.’