The World Bank has announced that it will support Somalia with $100 million for the next 12 months in order for the country to address its priorities.
This was disclosed after the bank’s country director Kristina Svensson met Somali President Hassan Sheikh Mohamud in the nation’s capital of Mogadishu.
The support comes as the Horn of Africa country is currently experiencing one of the worst droughts in 40 years that has displaced hundreds of thousands.
According to United Nations, more than 7.1 million Somalis, close to 50 percent of the population, are facing extreme hunger due to famine-like conditions.
Meanwhile, nearly 800,000 people have been forced to flee their homes since 2021 in search of food, water and pasture for their animals.
It should be recalled that the World Bank Board of Directors approved a $55 million International Development Assistance (IDA) grant in 2020 to support Somalias economic recovery through continued fiscal and other economic policy reforms to strengthen fiscal management and promote inclusive private sector-led growth.