European Union (EU)has unveiled $14.3 million projects to support Somalia’s private sectors. In a statement, the EU said these projects will enable financial institutions to successfully provide relevant financing to local small- and medium-sized enterprises.
EU ambassador to Somalia Nicolas Berlanga said Launching three private sector projects (11.8 million euro), comprising revolving funds, guarantees for loans, technical assistance, and collaboration to improve the business climate that may attract European investors to Somalia. Stability brings prosperity.
The federal government of Somalia has expressed gratitude to the EU for the Continued investment in Somalia’s private sector and the promotion as well as attraction of FDI is an integral for inclusive economic growth.
According to IMF Somalia has committed to maintaining macroeconomic stability; implementing a poverty reduction strategy; and putting in place a set of reforms focused on fiscal stability, improving governance and debt management, strengthening social conditions, and supporting inclusive growth in order to reach the HIPC Completion Point.
