UNSOM, USAID Pledge Millions for Somalia’s Peace Building and Economic Development

United Nations (UN) has announced that it will launch $30 million worth Peace Building Fund (PBF) next week to back Somali government’s initiative to restore peace in the horn of African nation.

US Pledge

At same time, United States (US) has also announced that it will provide up to $74 million in investment for economic development and job creation in Somalia.

US ambassador to Somalia Donald Y. Yamamoto met with the Somali companies which are supported by USAID.

“The United States is back and is pleased to support Somali job creation activities. And we are pleased to hear that Somalia is ‘Open for Business’ through Growth, Enterprise, Employment and Livelihoods(GEEL) support,” the ambassador said.

The ambassador pointed out that by strengthening the economy, Somalia will be able to achieve security and political stability.

“We see hope. I think, for the first time in a long time, we’re seeing opportunities that are expanding and growing, ” said Yamamoto.

The envoy emphasized that his country will be partnered with local companies to create jobs for women.

“Somali women face serious barriers in accessing finance. To break down such barriers, GEEL is partnering with banks and Somali women-owned businesses to find solutions to such challenges,” he stated.

UNSOM Pledge

In a statement, UN Assistance Mission in Somalia (UNSOM) said UN plans to hold the new PBF portfolio to support the country’s peacebuilding efforts.

Since 2004, Somalia has been struggling to restore peace as the country is recovering from the civil war which broke in 1990 after Siyad Barre led government collapsed.

The PBF aims to facilitate political and stability of Somalia and meaningfully engage in good governance, peace-building and reconciliation efforts.

The new initiative will highlight the inter-linkages between the new projects meant to build peace in Somalia.

Among the points that will be targeted are the national development plan, the national stabilization strategy, the Wadajir Framework, and the national reconciliation framework.

“The current portfolio consists of nine active projects valued at 30 million dollars – a sign of the PBF’s increasing focus on Somalia in support of the country’s peacebuilding and state-building efforts,” UNSOM said in a statement ahead of the launch.

It said the UN secretary-general’s PBF had supported Somalia’s peacebuilding process since 2009.

The statement noted that investments to date amount to about $45 million, of which a record level of 14 million dollars was allocated to five new projects in 2018.