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AfDB Approves $13.3mln Grant to Somalia

The Board of Directors of the African Development Bank Group (AfDB) approved a grant of $13.29 million to Somalia to help improve domestic revenue mobilization and public expenditure management.

The Bank says the grant comprises $9.31 million from the resources of the African Development Fund, AfDB’s concessional financing window for low-income countries.

The remaining $3.98 million is from Pillar 1 of the Transition Support Facility for fragile states.

The grant was approved this week under the Institutional Support for Economic Governance Project.

It entails providing technical assistance, training and tools to improve Somalia’s domestic revenue mobilization and build institutional capacity at all levels of the federal government and Federal Member States, per AfDB.

The project will also support promoting inclusive governance and accountability for greater economic resilience.

The capacity-building component will focus on improving the efficiency of tax collection and strengthening Somalia’s ability to fund development investments and maintain its viability in budgetary terms, per AfDB.