In a significant boost to Somalia's ongoing efforts towards development and stability, the European Union (EU) has approved a generous budget support payment of EUR 20.5 million to the Federal Government(FGS). This financial assistance comes as part of the EU's Somalia State and Resilience Building Contract and Support to Debt Relief Action (SRBC). Coinciding with this allocation, the FGS and EU have jointly launched the Joint Operational Roadmap, which sets out their shared priorities for the next two years.
Posts published in “Development”
In a significant development for Somalia and Kenya, the long-awaited reopening of the border between the two nations has been officially announced. The decision, which comes after extensive consultations between high-level officials, signifies a major milestone in regional cooperation. The reopening of border points in Mandera, Lamu, and Garissa marks the end of a 12-year closure that began during Kenya's Operation Linda Nchi, aimed at combatting the influx of Al-Shabaab militants.
The United Nations Industrial Development Organization (UNIDO) has launched five new projects in Iraq, Somalia, South Sudan, the State of Palestine, and Ukraine, with the support of US$3 million in funding from Japan's supplementary budget. The projects aim to provide urgent support for inclusive and sustainable industrial development in these partner countries.
In a historic move, the National Bank of Ethiopia has issued a license to Kenya's telecom giant Safaricom to operate mobile money services in Ethiopia. This marks the first time a foreign firm has received such a permit in the country, which has a population of over 110 million people.
The government recently launched a national population and housing census that is set to last for two years. This is a significant milestone as the last time Somalia conducted a formal census was way back in 1975, with the second census in 1984 remaining unpublished.
The African Development Fund and Smart Africa Alliance have collaborated to launch the Institutional Support for Digital Payments and e-Commerce Policies for Cross-Border Trade Project (IDECT). The $1.5 million project aims to streamline digital trade and e-commerce policies across 10 African countries, namely Côte d'Ivoire, Benin, Ghana, Liberia, Uganda, South Sudan, Zimbabwe, the Republic of Congo, São Tomé and Príncipe, and the Democratic Republic of Congo.
On Wednesday, the European Union announced the launch of the Rapid Nationwide Stabilization Project, which aims to provide government services such as security, water, and reconciliation to areas recently liberated from Al-Shabab militants by government forces. The project, worth 4.5 million euros, will focus on the regional states of Galmudug, Hirshabelle, South West, and Jubbaland. The project's first phase will begin in central Somalia's Hirshabelle and Galmudug states, targeting towns such as Harardhere, Eldheer, Mahaas, Matabaan, Teedaan, Rage Cele, and Aden Yabal.
Pan African Payment and Settlement System (PAPSS) and African Securities Exchange Association (ASEA) team up to boost cross-border payments in African capital markets
The Pan African Payment and Settlement System (PAPSS) has teamed up with the African Securities Exchange Association (ASEA) to boost collaboration and cooperation in cross-border payments of Capital Markets infrastructure in Africa. At the ASEA 2023 Building African Financial Markets Seminar held in Zimbabwe, the two organizations signed a Memorandum of Understanding (MoU) to deepen the integration and connectivity of African capital markets.
The Director for Macroeconomics and Governance Division at the Economic Commission for Africa (ECA), Adam Elhiraika, has called on African countries to institute efficient debt management strategies to prevent falling into the debt trap and to boost economic growth. Speaking at a peer learning workshop on debt management strategies for member states in Lusaka, Zambia, Mr. Elhiraika emphasized the challenge of debt management in African countries, where debt is a significant source of funding for economic growth and development.
The East African Community (EAC) Secretary-General, Peter Mathuki, has shared his vision for the bloc to become the most integrated regional economic bloc in the world. He emphasized the need for a borderless Africa that includes opening up the skies and cheaper travel within the region.