Somali and Italy governments have signed $1.2 million of infrastructure as the Horn of African nation tries to rebuild the country’s infrastructure. Through Somali Infrastructure Fund (SIF), the two governments agreed to jointly implement the projects in Somalia.
SIF aims to contribute to the efforts of Somalia and its development partners to consolidate peace, establish the basic institutions of a functioning state, and to accelerate inclusive and sustainable economic recovery and development.
Italy’s current intervention raises its total contribution to the SIF at about US $3.2 million and becomes the second-largest contributor to the fund after the African Development Bank. It also takes the total paid in contributions to the US $29.7 million, representing about 44% of total pledged contributions.
The Somalia Infrastructure Fund is a Multi-Partner Fund administered by the African Development Bank with the overall goal of supporting Somalia to rebuild institutions, rehabilitate key infrastructure, and reinforce economic governance.