The African Development Bank Group (AfDB) said Monday that it has approved the bank’s Somalia Country Brief 2017-2020, under which it will help Somalia restore its critical infrastructure and build capable institutions.
A statement from the AfDB said the brief identifies ways and means to support the rebuilding of Somalia in line with the country’s 2017-2019 National Development Plan.
“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,” AfDB said.
The Horn of Africa nation has experienced moderate gross domestic product (GDP) growth over the past four years, averaging 3.4 percent per year.
However, due to the ongoing drought, real GDP growth in 2017 is projected to decelerate to about 2.4 percent and this, the bank said, would impact negatively on the agriculture and livestock sectors. The AfDB board emphasised the need for the bank to remain engaged in Somalia despite numerous political, economic, social and environmental challenges facing the country.
Author: Staff Writer