The African Development (AfDB) has released a grant of UA 5.5 million to help boost internal revenue mobilization in Somalia.
UA refers to the Units of Aid, which the AfDB assigns to all its projects.
By extending UA 5.5 million to Somalia, the continent’s development bank hopes to enhance tax revenue in the country.
Further, AfDB hopes that the country would be able to develop a more efficient system for collecting taxes.
AfDB released this grant through Phase 2 of its Economic and Financial Governance Institutional Support Project (EFGISP).
Additionally, AfDB also announced that the grant should provide timely support to the efforts of the Federal Government of Somalia to build a state that all Somalis can be proud of.
Somalia is currently in the middle of reforms designed to finance its increasing budget while expanding delivery of social services around the country.
The news comes as further relief to a country that has already earned the support of international partners and donors in 2020 alone.