The World Bank’s support to Somalia, The World Bank has announced a new $112 million project to create 28,000 jobs for young people and provide direct cash assistance to 123,000 vulnerable households, which is expected to directly support nearly 738,000 people across the country.
THE WORLD BANK’S SUPPORT TO SOMALIA: THE BOOST-YOU PROJECT
The World Bank’s support to Somalia, the project, called BOOST-You (Building Opportunities and Outcomes in Social Protection and Youth Employment), is described as a significant step in Somalia’s journey towards a more inclusive and sustainable governance system that is independent of emergency humanitarian assistance.
READ ALSO:
OMAR FATEH DEFEATED IN MINNEAPOLIS MAYORAL ELECTION – FATEH’S CANDIDACY
HASSAN SHEIKH’S POLITICAL AMBITION: THE YOUTH AND SPORTS
The World Bank’s Country Manager for Somalia, Hideki Matsunaga, said the project builds on the government’s Baxnaano program, which has already been launched with direct cash assistance. “BOOST-You is a testament to Somalia’s commitment to building resilient institutions and creating real opportunities for its youth,” Matsunaga said.
The World Bank’s support to Somalia, he also said he would strengthen trust and relationships between governments and citizens.
THE SOURCES OF THE FUND
The funds include $100 million from the International Development Association (IDA), $10 million from the Somalia Partnership Fund (MPF), and $2 million from the Global Shield Financing Facility (GSFF).
However, The World Bank’s support to Somalia, the plan for this project is for the Somali government to lead the country’s economic and social recovery, after Somalia completes the HIPC debt relief process in December 2023, opening the door to new international financing.
