The European Union (EU) has launched new projects worth over €11.8 million designed to support the private sector in the country.
Through the new projects, EU plans to improve its engagements with different sectors of the Somali community and economy.
EU announced that the new partnership allows financial institutions in the East African nation to offer the financing that small and medium-sized businesses require.
Nicolas Berlanga, the EU Ambassador to Somalia, said that the union had invested in three huge projects in the Horn of Africa nation.
The projects include revolving funds, technical assistance, and guarantees for loans.
Additionally, the EU hopes to use the projects as tools for improving collaboration for improving business climate thus attracting more investors from Europe to Somalia.
Gamal Hassan, Somalia’s Minister of Planning, welcomed the support that EU offers. He said EU support enables Somalia to grow into a “stronger and more prosperous nation for all Somalis.”