Somalia has received a grant of $55 million from the World Bank Board of Directors to support economic reforms and recovery in the country.
World Bank offered the grant through its International Development Assistance (IDA) program.
Somalia has been hit hard by a myriad of crises that started in late 2019 and have continued to date. These include the COVID-19 pandemic and locust infestation.
Additionally, the Horn of Africa nation has suffered multiple floods that have displaced thousands of people around the country.
World Bank’s Board of Directors feels that the country needs this financial support to continue on the path of reforms that it has been on for several years now.
The country’s Minister of Finance, Dr. Abdirahman Beileh, said the grant would help to support vulnerable households and programs run by regional governments.