Somali National News Agency
So
Ar
Search
  • Home
  • Local News
    Local NewsShow More
    Federal Government of Somalia’s Weekly Briefing
    June 6, 2025
    Over 40 al-Shabaab Leaders and Militants Neutralized in Targeted Operation in Hiiraan Region
    June 6, 2025
    World Environment Day 2025 Commemorated in Mogadishu
    June 5, 2025
    President Hassan Sheikh Mohamud Extends Historic Invitation for National Consultation
    June 5, 2025
    Mogadishu Hosts Second Day of Crucial Climate Change Conference
    June 5, 2025
  • World News
    World NewsShow More
    Machine Gun, AK-47 Rifles Recovered as 4 Al-Shabaab Terrorists are Killed in Garissa
    June 3, 2025
    Israel kills 2 Gaza aid seekers as UN warns of ‘catastrophic hunger’
    May 31, 2025
    A miraculous story of a Hujjaj from Libya
    May 27, 2025
    UNA Participates in International Conference on Islamophobia in Azerbaijan
    May 27, 2025
    At least 11 hurt in South Carolina beach town shooting
    May 26, 2025
  • Articles
    ArticlesShow More
    Wind power turbines line a mountain range in Ji’an, Jiangxi province, July 9, 2022.
    What China’s climate action means for the planet’s future?
    June 5, 2025
    A miraculous story of a Hujjaj from Libya
    May 27, 2025
    Nation First, Politics Later: PM Hamza Appeals to Youth Amid Growing Political Tensions
    May 24, 2025
    Chinese Foreign Minister Wang Yi is expected to be present at the signing ceremony in Hong Kong on May 30.
    China Leads Historic Effort to Establish International Mediation Body
    May 24, 2025
    From Yunnan to Somalia: A Path Out of Poverty
    May 13, 2025
  • Business
    BusinessShow More
    Somalia Unveils the Blueprint for a Modern and Sustainable Mogadishu
    December 21, 2024
    Djibouti Launches $57.4 Million Youth Entrepreneurship Project to Combat Climate Change
    November 25, 2024
    FM meets Minister of Investment of Saudi Arabia
    October 28, 2024
    President Hassan Sheikh Inaugurates New LPG Storage Center in Mogadishu
    May 12, 2024
    Collaboration of ICT transformation for digital Infrastructure
    October 24, 2023
  • Sports
    SportsShow More
    Mogadishu Stadium to Host Star-Studded Match Featuring Somali Legends and International Football Icons
    May 27, 2025
    Arsenal held at Brighton while Man City bounce-back continues
    January 5, 2025
    Galmudug wins the Inter-State Football Tournament
    January 29, 2024
    Somalia set for two int’l friendlies ahead of WC qualifier clashes against Algeria and Uganda
    October 10, 2023
    Chicago woman, 104, skydives from plane, aiming for record as the world’s oldest skydiver
    October 3, 2023
  • Tenders
    TendersShow More
    Quay Renovation Works – Supply and Installation of Fenders and Bollards
    April 11, 2025
Reading: Somalia’s efforts toward building strong institutions receives a boost with a new $75 million grant
Share
Font ResizerAa
Somali National News AgencySomali National News Agency
  • SOMALI
  • ARABIC
Search
  • Home
  • Local News
  • World News
  • Articles
  • Business
  • Sports
  • Tenders
Follow US
©2023 || All rights reserved SONNA
Somali National News Agency > Blog > Local News > Somalia’s efforts toward building strong institutions receives a boost with a new $75 million grant
Local News

Somalia’s efforts toward building strong institutions receives a boost with a new $75 million grant

By Khadar Aweys
Last updated: August 1, 2023
3 Min Read
Share

NAIROBI, July 31, 2023 — Somalia’s efforts toward building strong institutions received a boost with a new $75 million grant, the second in a series of two grants that is helping the country make progress on its path to qualify for full and irrevocable debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative.

In a context of multiple and overlapping shocks related to frequent climatic hazards, as well as widespread fragility, the Somali government is implementing an ambitious reform program to build institutions, attract investments, and achieve inclusive economic growth and job creation, aligned with the ninth National Development Plan which outlines numerous priority areas for moving the country forward, several of which are supported by this Development Policy Financing (DPF).

“This DPF supports the government’s aspirations to build the foundations of a modern economy with strengthened institutions. It also signals the significant progress Somalia has made in terms of institution-building and economic development, paving the way for a more stable and sustainable future,” said Kristina Svensson, World Bank Country Manager for Somalia.

To develop high-potential sectors for economic growth, Somalia has approved new laws that establish the institutional environment in key sectors such as fisheries and electricity. To mobilize much needed private capital to develop these sectors, a new investment and investor protection law was enacted. To increase access to finance, a digital identification law was approved, which can support better know-your-customer protocols, alongside a data protection law to provide safeguards on the use of personal data.

The DPF supports the building blocks of harmonized customs regimes across Somalia, which can encourage cooperation, increase trade, raise revenues, and simplify procedures for the private sector. In addition, as the volume of public resources increases, the DPF supports a strengthening of the external audit function, which is critical for safeguarding the use of public funds and building trust between the government and citizens in a context of weak governance. Somalia’s substantial economic potential will only be realized with greater stability and improved governance arrangements, which can in turn help reduce fragmentation and strengthen the social contract.

Alongside efforts to implement institutional reforms, Somalia has signed debt relief agreements with major creditors and is holding discussions with some remaining bilateral and multilateral creditors. Despite multiple shocks, Somalia is maintaining macroeconomic stability. These institution-building reforms take Somalia closer toward the goal of attaining debt relief, which will wipe away the legacy of loans contracted during the pre-civil war era, thereby turning a new page in the country’s development trajectory.

Resources from the DPF will help the government to ensure that essential public expenditures can be paid. Over time, institution-building and sustained economic growth can help Somalia to build buffers to shocks and strengthen resilience.

Share This Article
Facebook Whatsapp Whatsapp Email Copy Link Print

MORE NEWS

Official Reopening of the Ministry of Foreign Affairs Archives

CultureEducationLocal News
November 23, 2024

Kenya’s small farmers find respite in avocados amid changing climate

NAIROBI(SONNA) As crop diseases and pests rise in Kenya amid a rapidly changing climate that…

March 11, 2023

Federal Government of Somalia’s Weekly Briefing

Federal Government of Somalia’s Weekly Briefing Mogadishu, Friday, 6th June, 2025 1- President Hassan Sheikh…

June 6, 2025

Nimcaan Hilaac appointed to lead Waberi National Band

Mogadishu (SONNA)-Minister of Information, Culture and Tourism of the Federal Republic of Somalia, H.E. Mohamed…

March 3, 2020

YOU MAY ALSO LIKE

Joint forces destroy terrorist bases in Hiiraan region

Halgan(SONNA)-Somali National Army and local forces, Macawisley on Sunday destroyed  Al-Shabaab bases after conducting joint operation near Halgan district in Hiiraan region…

Local News
September 1, 2024

President Hassan Sheikh Mohamud paid a condolence visit to Kuwait

Kuwait, — The President of the Federal Republic of Somalia, Mr. Hassan Sheikh Mohamud, embarked on a condolence visit to…

Local News
December 18, 2023

Djibouti calls for IGAD summit on Ethiopia-Somalia crisis and Sudan situation

Mogadishu (SONNA): - Djibouti, the current chair of the Intergovernmental Authority on Development (IGAD), has announced that it will convene…

Local News
January 12, 2024

COMMUNIQUÉ : IGAD Head of States hold 36th Extraordinary Assembly via Video Conference

Mogadishu(SONNA)-The 36 Extraordinary Assembly of IGAD Heads of State and Government was held on 14 July 2020 via videoconference, chaired…

Local NewsNews
July 14, 2020

Somali National News Agency established in 1964. It is one of the main pillars of the Ministry of Information, Culture, and Tourism.

  • Home
  • Local News
  • World News
  • Articles
  • Business
  • Sports
  • Tenders
  • SNTV
  • RADIO MOGADISHU
  • DALKA JOURNAL
  • TOURISM DEPARTMENT

Follow US: 

  • MoICT
  • VILLA SOMALIA
  • OPM SOMALIA

All rights reserved SONNA

©2023

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?