Boost for Somalia as Norway injects $54.3m to World Bank kitty

The funds are channeled through the World Bank run Multi Partner Fund (MPF)

FILE: The additional funding follows Somalia’s qualification for pre-arrears clearance last month. Photo: Goobjoog News

Norway has announced a $54.3 million support to bolster Somalia’s reform and reconstruction process.

The funds will are channeled through the World Bank’s Multi Partner Fund ‘will provide resources through the Government’s systems to address the country’s most critical challenges on its path towards stability,’ the World Bank said in a statement Friday.

The additional financing from Norway comes two weeks after the approval of Somalia’s first Country Partnership Framework (FY 2019-2022), and the first International Development Association (IDA) financing for government in more than 30 years.

Norway’s minister of International Nikolai Astrup said the funds affirms his country’s commitment to supporting Somalia’s recovery process.

“This additional contribution from Norway signals our recognition of the considerable progress the Somali authorities have made in bringing the country together,” said Astrup. “This contribution reflects our confidence in the country’s institutions. The reform momentum is bringing tangible dividends to the country. This is the time to advance on the back of the gains we have collectively achieved and to sustain progress towards peace and stability.”

The Multi Partner Fund which was established in 2014 now manages contributions from 11 donors. The funds support reforms through the Recurrent Cost and Reform Financing (RCRF).

This project brings the Federal Government and the Federal Member States together to discuss resource distribution, service delivery and financial reforms across the country.

The Norwegian contribution to the MPF will allow for a scale up in the resources going through the RCRF project, which include transfers to Federal Member States, World Bank said.

 

 

 

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