World Bank, Finland ink 4.56 mln USD to help Somalia

Finland has contributed 4.56 million U.S. dollars to the World Bank managed-trust fund for Somalia to help accelerate socio-economic recovery in the Horn of Africa nation.

Tarja Fernandez, Ambassador of Finland to Somalia said her country's development co-operation is focused on least developed countries and fragile states.

"Finland lays particular emphasis on the strengthening of the developing countries' own economies to promote employment, livelihoods and well-being," Fernández said in a statement received in Mogadishu on Wednesday.

She said the MPF is an important tool to foster Somali economic recovery and governance reforms, including federalism, and it suits well Finland's comprehensive approach to peace and development.

The World Bank Multi-Partner Fund (WB MPF) is one of the two specific funds which were set up to speed up economic development of Somalia.

The MPF provides a platform for coordinated financing for sustainable reconstruction and development in Somalia with a focus on core state functions and socio-economic recovery.

The three key areas of thematic focus include: effective and accountable government, core economic infrastructure, and enabling economic growth.

"Finland joins the MPF at an exciting time. We are starting to see the roll out of the portfolio on the ground and a new level of sophistication in our engagement with the Somali authorities. The MPF is proving that the country systems are a viable means of delivering development programs in Somalia," said Bella Bird, World Bank Country Director for Somalia.

In total, donors have committed 185 million dollars to the MPF. Endit