The Islamic Development Bank (IsDB) approved its $ 3 million contribution to the Somalia Infrastructure Fund (SIF), which is managed by the African Development Bank (AfDB), under an agreement signed on Wednesday in Marrakech, between the two institutions.
The agreement was initialed by Mansur Mukhtar, IsDB Vice President, and Nnenna Nwabufo, Assistant Director General for Global Operations Management, AfDB East Africa Regional Office, on the sidelines of the 44th meeting of IsDB.
“This is an important initiative to support Somalia in its efforts to develop infrastructure and restore basic social services,” Mukhtar said in a statement.
Welcoming the IsDB’s contribution to this fund, the Vice-Chair pointed out that Somalia has made significant progress in addressing insecurity and conflict. He further noted that the Somali Government has made colossal efforts to implement economic reforms that improve the living conditions of the people.
Ms. Nwabufo noted that AfDB has invested $ 50.6 million in SIF, which has received contributions from several countries, particularly the United Kingdom and Italy.
“We are supporting Somalia to set up an energy institute to develop this sector and to invest more in road construction,” she said, welcoming the IsDB-AfDB partnership.
Organized from April 3 to April 6, the 44th annual meeting of the Islamic Development Bank Group deals with the theme of “transformation in a world in motion: a path towards the Sustainable Development Objectives”.
This theme embodies the bank’s new strategy for achieving the Sustainable Development Goals (SDGs). To this end, the four key pillars of the IsDB’s five-year plan are: “Public-Private Partnerships”, “Science, Technology and Innovation”, “Global Value Chain” and “Islamic Finance”.