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World Bank approves loan to Somalia for the first time in 30 years

The lender cut ties with Somalia when conflict broke out in 1991

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The lender cut ties with Somalia when conflict broke out in 1991 but resumed support in 2003, even though it did not fund the government directly.

“They (loans) represent a milestone in Somalia’s development and reconstruction,” the bank said.

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The bank said it would also work with the government in Mogadishu to improve services like education and healthcare, access to clean water, energy and finance for its citizens - under a programme called Country Partnership Framework.

Investment

Somalia has begun to draw investment from locals and Somalis living abroad owing to a degree of stability in the capital in recent years.

This despite the fact that parts of the country are still plagued with militant violence from terrorist group al-Shabab.

Somalia’s economy is forecast to grow by an average of between 3.5 and 4.5 percent annually in 2019-2022, when the partnership on social services will run, the World Bank said.

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