European Union (EU) on Tuesday unveiled $14.3 million projects to support Somalia’s private sectors.
In a statement, EU said the three projects will enable financial institutions to successfully provide relevant financing to local small- and medium-sized enterprises.
“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,” EU ambassador to Somalia Nicolas Berlanga said on Twitter.
Somalia has thanked the EU saying the Continued investment in Somalia’s private sector and the promotion and attraction of FDI is an integral for inclusive economic growth.
“Glad to have co-launched today 3 @EU_in_Somalia funded investment initiatives aimed at private sector development under the “Inclusive Local and Economic Development programme” (ILED) framework with key objectives of advancing an inclusive & sustainable economic growth,” Somali Planning Minister Gamal Hassan said at the launching ceremony in the capital Mogadishu. “We welcome the continued support from the European Union (EU) to achieve a stronger, more prosperous Somalia.”
